SABB increases net profit by 52% to SAR 4,872mln during 2022

SABB increases net profit by 52% to SAR 4,872mln during 2022

Ms. Lubna S. Olayan, Chair of the Board of Directors of Saudi British Bank (‘SABB’), announced the Bank’s financial results for the fiscal year 2022, with profits increasing 52% to SAR 4,872 million and total operating income increasing 26% to SAR 9,697 million for the year.

Ms. Olayan commented “SABB continues to deliver on the promise of the merger, with growth across all businesses, improving digitisation and customer experience as a result of our strategic investment plans, and increased investment in our people who remain our core asset. One hundred percent of our senior management team reporting into the CEO are homegrown, local Saudi talent and over a third of our senior management is female. We continue to be a nurturing environment for talent across the entire employee base – something we are extremely proud of.”

On SABB’s financial performance, Ms. Olayan noted “our financial performance was ahead of plans, and mirrored the strong and resilient performance by the Kingdom and the Saudi economy against a global backdrop of increased uncertainty and geopolitical tensions. Benchmark rates have increased at pace as global economies tackle inflation. Given the construct of our balance sheet with a large proportion that re-prices with 3-month SAIBOR, our