Riyadh – Mubasher: The Saudi British Bank (SABB) on Wednesday reported a 15.14% year-on-year profit increase during the third quarter of 2018.

SABB’s profits reached SAR 1.247 billion by the end of Q3-18, up from SAR 1.083 billion in Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi lender attributed the third-quarter profit rise to a 6.6% growth in total operating income.

Total revenues for special commissions and investments jumped 15% year-on-year to SAR 1.7 billion in the three-month period ended September, from SAR 1.49 billion.

Year-on-year, net income for special commissions and investments grew 12.4% to SAR 1.41 billion in Q3-18, compared to SAR 1.25 billion.

Quarter-on-quarter, the bank’s profits decreased by 13% by the end of September, from SAR 1.432 billion.

From January to September 2018, SABB’s profits levelled up 14.47% year-on-year to SAR 3.718 billion, from SAR 3.248 billion.

The Tadawul-listed bank attributed the nine-month profit rise to a 15.6% decline in operating expenses.

SABB’s total value of revenues for special commissions and investments jumped 8% to SAR 4.88 billion from January to September, from SAR 4.52 billion a year earlier.

Year-on-year, net income for special commissions and investments went up 8.8% to SAR 4.1 billion in 9M-18, from SAR 3.8 billion.

Earnings per share (EPS) amounted to SAR 2.48, up from SAR 2.17.

SABB’s stock declined 1.36% to finish Wednesday’s trading session at SAR 32.55.