SABB posts 52% rise in 2022 profit to SAR 4.87 bln; Q4 at SAR 1.38 bln

Saudi British Bank (SABB) posted a net profit rise of 52% to SAR 4.87 billion for 2022, compared to SAR 3.20 billion a year earlier.

The net profit growth was primarily driven by higher gross operating income mainly due to a rise in net special commission income. In addition, but to a lesser extent, income from FVSI financial instruments, exchange income and other operating income also drove the increase. These factors were partially offset by an increase in net losses on FVOCI debt instruments and lower gains on non-FVSI financial instruments.

Meanwhile, gross operating expenses increased primarily due to an increase in general and administrative expenses as well as salaries and employee-related expenses. This was partially offset by a decrease in depreciation and amortization expenses and rent and premises-related expenses.

The fourth-quarter net profit more than tripled to SAR 1.38 billion, from SAR 426.93 million in Q4 2021.

Compared to the previous quarter, the bank’s net profit saw a decline of 0.6% from SAR 1.39 billion.

Shareholders’ equity, excluding minority interest, rose to SAR 54.68 billion as of Dec. 31, 2022, from SAR 52.92 billion in 2021.

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