Riyadh – Mubasher: The Saudi British Bank (SABB) on Tuesday said its net profits decreased slightly by 1.9% year-on-year in the second quarter of 2017.
The bank profits tumbled to SAR 1.13 billion ($300 million) in Q2-17, from SAR 1.15 billion ($310 million) in Q2-16, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, SABB’s profits grew 9%.
The bank attributed the year-on-year decline in Q2-17 net profits to higher operating expenses, which levelled up 10.4% on the back of rising provisions for credit losses.
Net profits decreased 5.6% to SAR 2.17 billion in the first six months of 2017, from SAR 2.29 billion in H1-16, on the back of a 15.2% rise in operating expenses also due to increased provisions for credit losses.
SABB’s stock shed 0.48% to close at SAR 26.80 on Tuesday.
