SABB net profit jumps 10% to SAR 2.089 bln in H1 2022; Q2 up 18% to SAR 1.083 bln

Saudi British Bank (SABB) posted a net profit of SAR 2.089 billion in the first half of 2022, up 10% from SAR 1.889 billion in year-earlier period.  

The profit growth was primarily driven by higher total operating income, thanks to an increase in net special commission income, income from fair value through statement of income (FVSI), exchange income, fee and commission income and gains on non-FVSI financial instruments. This was partially offset by a decrease in gains on fair value through other comprehensive income (FVOCI) debt instruments, other operating income and dividend income. 

The second-quarter net profit climbed 18% to SAR 1.083 billion from SAR 919 million in Q2 2021, driven primarily by higher total operating income, along with an increase in share in earnings of associates. This was partially offset by an increase in provision for expected credit losses and total operating expenses.

Compared to Q1 2022, net profit grew by 7.8% from SAR 1.004 billion.

Total shareholders’ equity, excluding minority interest, reached SAR 53.808 billion as of June 30 2022, compared with SAR 52.779 billion a year before.

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