In a statement to the Saudi Stock Exchange website, the bank announced that its net profit amounted to 1.082 billion riyals ($287.97 million) in the second quarter, compared to 919 million riyals ($245 million) a year ago.
On a quarterly basis, SABB’s net profit increased by 7.8% in the second quarter of 2022, compared to a net profit of 1.004 billion riyals in the first quarter of 2022.
The bank indicated that the reason for this increase is the increase in net income before zakat and income tax by about 161 million riyals in the second quarter, compared to the same quarter of the previous year, due to the increase in operating income and the increase in the share of profits in associate companies.
This increase was partially offset by the increase in provisions for expected credit losses and total operating expenses.
He added that the net profit for the first half period amounted to 2.086 billion riyals ($557 million), compared to 1.889 billion riyals ($504 million) in the corresponding period of last year, an increase of 10.43 percent.
The bank attributed the increase in the profits of the first half to the increase in net income before zakat and income tax by about 188 million riyals, compared to the previous year due to the increase in total operating income and the increase in the share of profits in associate companies. Bank on the stock exchange website.
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