Saudi British Bank reports 26% rise in net profit for Q3 2022

Saudi British Bank has recorded a net profit of SAR3.483bn ($926m) for the nine-month period ended September 2022, rising 26 per cent from SAR2.775m ($738m) reported during the same period in 2021.

Total operating profit grew 19 per cent to SAR6.96bn ($1.85bn) and net special commission income grew 19 per cent to SAR5.117bn ($1.36bn).

SABB increases net profit by 26% to SAR 3,483 in Q3 2022.
For more.https://t.co/ib3MtDmFLS pic.twitter.com/vDLRH6zCJz

— بنك ساب (@SABBBank) October 20, 2022

Net fee profit grew 5 per cent to SAR929m ($247m) and exchange profit also grew 32 per cent to SAR567m ($150m). Impairment charges remained low, while the bank’s cost management remained disciplined.

Lubna S. Olayan, chair of the board of directors at SAAB said that shareholders’ equity remained stable at SAR53bn with total assets of SAR300bn.

The bank’s loan portfolio grew to SAR189bn ($50.3bn), an increase of 4 per cent during the third quarter and 9 per cent year-to-date. Customer deposits of SAR203bn ($54bn) grew in line with lending during the first nine months of the year with 9 per cent.

The bank’s growth in financing in the quarter following the 4 per cent quarterly increase, with growth in both corporate and retail segments, she added.

SABB also announced its environmental, social and governance strategy earlier in September, which aims to lead through product development, allocating capital to green and sustainable businesses, a statement added.

Last year, the lender became the first Saudi Arabian institution to make a green deposit, with the funds deposited with HSBC in the UAE to be solely used to finance green initiatives.

Read: Saudi British Bank makes kingdom’s first green deposit to finance sustainable initiatives

SABB was established in 1978 as a Saudi joint stock company and has a strategic partnership with the HSBC Group. With a paid-up capital of SAR20.5bn, the lender offers integrated financial and banking services including personal banking, corporate banking, private banking as well as investment and treasury services.