Riyadh – Mubasher: Saudi British Bank (SABB) posted a 13.55% decline year-on-year in the third quarter of 2016.

Profits reached SAR 995 million ($265.3 million) in Q3-16, compared to SAR 1.14 billion ($304 million) in Q3-15.

The Q3-16 net profit decrease is mainly attributed to a 23.3% increase in operating expenses due to higher impairment charge for credit losses and other general and administrative expenses.

Total operating income slightly decreased by 0.1% due to a decline in fee and commission income, trading income, exchange income and gains on non-trading investments offset by a rise in net special commission income.

The bank reported a 3.07% decline in profits during the first nine months of 2016, compared to SAR 3.4 billion in the same period of 2015