SABB Results for The fourth quarter of 2020

SABB Results for The fourth quarter of 2020

The fourth quarter of 2020 saw an acceleration in the integration of SABB and Alawwal Banks with full integration expected by the end of the first quarter of 2021. For the three months ended 31 December 2020, SABB reported a net income of SAR 680 million. Key business highlights of 2020:The integration of the merged bank and realisation of synergies is on track.The challenges and uncertainty of COVID-19 continue to persist but we have countered the impacts with a focus on ensuring the right customer outcomes and the safety of our customers and staff.Despite the environment, we have developed our leadership position in the capital markets, continued to focus on our customers, and delivered exceptional service. This has been demonstrated through our Tier II Sukuk issuance of SAR5bn, a range of industry awards focused on our digital and mobile banking capability, and key awards showcasing our traditional strengths in trade, treasury and cash management.Financial highlights:A resilient end to the year but bottom line financial performance was disappointing with a full year net loss before Zakat and income tax of SAR 4,302 million, which included the impairment of goodwill in the second quarter of SAR 7,418 millionUnderlying full year net income before