SABB reports resilient Q4 results, net income up by 7%

SABB reports resilient Q4 results, net income up by 7%

The Saudi British Bank (SABB) reported a net income of SR680 million ($181. 3 million) for the three months ending Dec. 31, 2020. The net income before Zakat and income tax for Q4 of 2020 was SR801 million, SR55 million or 7 percent higher than the corresponding quarter ending Dec. 31, 2019. This was mainly from lower expected credit losses partly offset by reduced revenue. SABB reported a resilient end to the year but disappointing bottom line financial performance, with a full year net loss before Zakat and income tax of SR4, 302 million, which included the impairment of goodwill in the second quarter of SR7, 418 million. The underlying full year net income before Zakat and income tax was SR3, 835 million, 13 percent lower than 2019 (on a pro forma basis), from lower revenue reflecting the cuts to benchmark interest rates partly offset by lower expected credit losses and reduced costs. The fourth quarter of 2020 saw an acceleration in the integration of SABB and Alawwal Bank, with full integration expected by the end of the first quarter of 2021. The gross loans and advances increased 1 percent during 2020 and the fourth quarter. According to a statement,