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Company News, Business

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SABB nine-month net profit $926m

The bank's net profit for the nine months of 2022 rose by 26 percent over last year.
By TRENDS Desk
October 20, 2022 10:53 pm
  • The bank said the total operating profit grew 19 percent to SAR 6,966 million and net special commission income grew 19 percent to SAR 5,117 million.
  • SABB’s shareholders’ equity remained stable at SAR 53 billion with total assets of SAR 300 billion, said Lubna Olayan, Chair of the Board of Directors SABB.

Riyadh, Saudi Arabia–The Saudi British Bank (SABB) net profit rose by 26 percent to SAR 3.483 billion ($926 million) for the nine months ended September 2022, compared to SAR 2,775 million for the same period in 2021.

In a statement, the bank said the total operating profit grew 19 percent to SAR 6,966 million and net special commission income grew 19 percent to SAR 5,117 million.

“The strong performance reflects the increases in benchmark rates earlier in the year, which have subsequently continued,” the statement said.

SABB’s shareholders’ equity remained stable at SAR 53 billion with total assets of SAR 300 billion, said Lubna Olayan, Chair of the Board of Directors SABB.

Customer deposits of SAR 203 billion grew in line with lending during the first nine months of the year with 9 percent growth, she added.

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