The Saudi British Bank’s (SABB) profit for the first nine months of the year went up 25.5%, largely driven by strong operating income results and an increase in share in earnings of associates, the company said in a statement Thursday.
Profit during the period ending September 30 reached $927 million (SAR 3.5 billion), a $189 million (SAR 709 million) increase from the $738 million (SAR 2.8 billion) in the same period last year.
Total operation profit went up 18.6% to $1.9 billion (SAR 7 billion) during the period compared to the $1.6 billion (SAR 5.9 billion) in the previous corresponding period. Total comprehensive income dropped 23.5% to $619 million (SAR 2.3 billion) compared to $809 million (SAR 3.04 billion) in the same period last year.
According to SABB, its total operating income increased mainly due to the rise in net special commission income, as well as the income from fair value through statement of income (FVSI) financial instruments, exchange income, net fee, and commission income and gains on non-FVSI financial instruments.
The financial institution’s operating expenses went up 7.8% due to an increase in general and administrative expenses and salaries, and employee-related expenses, partially offset by a decrease in depreciation and amortization expenses and rent, as well as premises-related expenses.
