SABB’s profits grow 3.5% on higher operating income

RIYADH: The Saudi British Bank, known as SABB, has recorded a slight profit growth of 3.5 percent during the first quarter of 2022, thanks to higher operating income, according to a bourse filing.

The bank made profits of SR1 billion ($268 million), against SR970 million in the same period in 2021, despite a drop in gains from financing and investment activities.

The profit increase was “primarily driven by higher total operating income and further contributed by an increase in share in earnings of associates,” SABB said.

Its total expenses rose to SR940 million at the end of the quarter from SR907 million a year ago. Provision for expected credit losses also increased to SR60 million.