Saudi Bri­tish Bank's net profit edges up 1.2pc

The Pak Banker - - FRONT PAGE -

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

The bank, an af­fil­i­ate of HSBC Hold­ings, said it made 1.15 bil­lion riyals ($ 306.6 mil­lion; Dh1.13 bil­lion) in the three months end­ing June 30, com­pared with 1.14 bil­lion riyals 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 1.11 bil­lion riyals for the quar­ter.

The main driver for the earn­ings gain was a 10.8 per cent in­crease in prof­its from spe­cial com­mis­sions to 1.18 bil­lion riyals, 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.

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