‎SABB turns to net profit of SAR 3.202 bln in 2021; Q4 earnings at SAR 427 mln

‎SABB turns to net profit of SAR 3.202 bln in 2021; Q4 earnings at SAR 427 mln

Saudi British Bank (SABB) turned to a net profit of SAR 3.202 billion in 2021, from a net loss of SAR 4.168 billion a year earlier.

The profit was driven primarily by setting aside the one-off impact of SAR 7.418 billion in goodwill impairment. It was backed by lower provision for expected credit losses, total operating expenses, and an increase in share in earnings of associates.

This was partially offset by a decrease in total operating income due to lower net special income by 17%.

Total operating expenses decreased due to continued success in efficiency creation in terms of cost reduction.

Q4 2021 net profit dropped 36% year-on-year (YoY) to SAR 427 million.

Shareholders' equity, excluding minority rights, at the end of the period amounted to SAR 52.926 billion, compared to SAR 50.657 billion at the end of the same period last year.

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