Riyadh – Mubasher: Saudi British Bank (SABB) disclosed its interim financial results for the second quarter of 2019.

The bank turned to losses with SAR 254 million in Q2-19, against net profits of SAR 833 million in Q2-18, according to SAB’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

Total revenues jumped by 19.7% to SAR 1.95 billion during the three-month period between April and June, compared to SAR 1.63 billion in the same period of the prior year.

The decrease in net profit was primarily driven by an increase in total operating expenses mainly due to an increase in provision for credit losses, and an increase in other operating expense items.

For the first half of 2019, net profits of the Saudi-based bank fell by 52.8% to SAR 851 million, from SAR 1.8 billion in H1-18.

The bank generated SAR 3.7 billion in revenues during the first six months of 2019, up 18% from SAR 3.17 billion in the corresponding period a year ago.

By the end of June, SAB’s assets recorded SAR 270.2 billion, while total investments reached SAR 56.09 billion.

Customer deposits hiked by 47.5% year-on-year to SAR 196.14 billion during H1-19.

Profit per share stood at SAR 0.55 during the six-month period between January and June, versus SAR 1.21 in the same period a year earlier.