SABB net profit rises 3.5% to SAR 1 bln in Q1 2022
- Date: 26-Apr-2022
- Source: Argaam
- Sector:Financial Markets
- Country:Saudi Arabia
SABB net profit rises 3.5% to SAR 1 bln in Q1 2022
Saudi British Bank (SABB) posted a net profit of SAR 1.004 billion in Q1 2022, up 4% compared with SAR 970 million in year-earlier period.
The profit growth was primarily driven by higher total operating income and increase in share from earnings of associates.
However, this was partially offset by a rise in provision for expected credit losses and total operating expenses.
Sequentially, Q1 2022 net profit more than doubled from SAR 426.92 million in Q4 2021.
Total shareholders’ equity, excluding minority interest, reached SAR 53.677 billion in Q1 2022, compared with SAR 51.933 billion a year before.
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