Sunday 23 September 2018

Saudi British Bank's net profit edges up

RIYADH, July 19, 2016

Saudi British Bank (SABB), the kingdom's fifth-largest bank by assets, posted a 1.2 per cent increase in its second-quarter net profit on Tuesday, in line with analyst forecasts as earnings from special commissions rose.

The bank, an affiliate of HSBC Holdings, said it made SR1.15 billion ($306.6 million) in the three months ending June 30, compared with SR1.14 billion in the same period a year earlier, according to a bourse filing.

Four analysts surveyed by Reuters on average expected the bank to post a net profit of SR1.11 billion for the quarter.

The main driver for the earnings gain was a 10.8 per cent increase in profits from special commissions to SR1.18 billion, which helped boost total operating income by 5.1 per cent.

This helped to offset a 7.1 per cent jump in total operating expenses, where a reduction in impairments for bad loans was overshadowed by higher salaries.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.-Reuters

Tags: profit | Saudi British Bank |

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