‎SABB turns to profit of SAR 2.775 bln in 9M 2021

‎SABB turns to profit of SAR 2.775 bln in 9M 2021

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28/10/2021

Argaam Exclusive



















Saudi British Bank (SABB) swung to a net profit of SAR 2.775 billion in the first nine months of 2021 compared to a net loss SAR 4.847 billion in the year-earlier period.  

The earnings were primarily driven by lower provision for expected credit losses and total operating expenses, along with a rise in the profit of associates.

Total operating expenses fell on lower salaries and employee-related costs, as well as general and administrative expenses. The bank also recorded a decline in depreciation and amortization expenses, thanks to its continued success in cost reduction efficiency.













On the other hand, total operating income decreased on a 20% year-on-year (YoY) drop in net commission income.

SABB reported a net profit of SAR 886 million for Q3 2021, a drop of 16% from SAR 1.049 billion a year earlier.













Current Quarter Comparison (M)















Item

Q3 2020

Q3 2021

Change‬









Net Special Commission Income





1,657.57









1,409.00