Riyadh – Mubasher: Saudi British Bank (SABB) on Thursday reported a 71.3% year-on-year increase in net profits during the fourth quarter of 2018.
SABB’s profits hit SAR 1.21 billion from October to December 2018, compared to SAR 707 million in Q4-17, according to data compiled by Mubasher.
The Saudi lender’s profits levelled up 24.6% to SAR 4.93 billion during the full-year 2018, versus SAR 3.96 billion in the prior year, SABB said in a statement to the Saudi Stock Exchange (Tadawul).
The 2018 profit rise stemmed from a 22.4% decline in operating expenses, coupled with higher total operating income, the statement added.
During the first nine months of 2018, the bank’s profits jumped 14.47% year-on-year to SAR 3.718 billion, from SAR 3.248 billion.
SABB’s stock went down 0.14% to close Thursday at SAR 36.70.
