Riyadh – Mubasher: The Saudi British Bank (SABB) on Wednesday posted a 26.84% year-on-year increase in net profits during the second quarter of 2018.

SABB posted a net profit of SAR 1.43 billion in the period between April and June, compared to QAR 1.12 billion during Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, the bank's profits jumped 37.82% in Q2-18, from SAR 1.039 billion.

The Saudi lender attributed the second-quarter profit rise to a 33.7% drop in operating expenses after provisions for credit losses declined, coupled with a 4.4% jump in operating income.

SABB’s gross special commission rose 8.2% to SAR 1.63 billion in Q2-18, from SAR 1.5 billion in the same three months a year earlier.

At the level of the first six months in 2018, the Tadawul-listed bank recorded a 14.13% profit hike to SAR 2.47 billion, up from SAR 2.17 billion during H1-17.

The first-half profit increase was ascribed to a 19% decline in operating expenses on the back of lower provisions for credit losses and impairment of other financial assets, along with a 0.8% rise in operating income, according to the Saudi bank's data. 

SABB’s gross special commission income went up 4.7% to SAR 3.18 billion in H1-18, from SAR 3 billion during the corresponding period a year earlier.

SABB’s stock rose 1.53% to close Tuesday at SAR 33.25.