SABB Chairperson says strong Q2 financials rely on progress made in Q1

SABB Chairperson Lubna Olayan

Saudi British Bank (SABB) Chairperson, Lubna Olayan, said that the bank’s performance in Q2 2021 was boosted by the progress achieved in the first quarter through continued implementation of its five-year strategic plan.

The bank is now considered as stronger and has solid financial fundamentals, she said in a statement.

SABB posted higher credit growth for the third successive quarter, amid continued cost management, and reduction of credit risk cost, coupled with solid capital, finance levels and liquidity.

Following the successful merger with Alawwal Bank, SABB's focus has shifted to development and continuing to support economic transformation targets, in light of Vision 2030, Olayan stated.

According to data compiled by Argaam, SABB turned to a net profit of SAR 1.889 billion in H1 2021, against a net loss of SAR 5.896 billion in the year-earlier period. Q2 profit amounted to SAR 919 million.