Riyadh – Mubasher: The Saudi British Bank (SABB) reported SAR 2.81 billion in net profits for last year, with a 4.2% increase compared with the year before, as shown by the bank’s annual financial results for 2019.

SABB attributed the rise in profits to higher total operating income, which is primarily driven by an increase in net special commission income, fee and commission income, exchange income and gains on FVOCI debt instruments.

In addition, the bank’s recorded an increase in earnings from associates and a joint venture, according to a statement to the Saudi Stock Exchange (Tadawul).

On the other hand, provision for Zakat and income tax decreased compared to last year, while the total operating expenses increased mainly due to merger-related costs and other operating expense items that incorporated SAR 417 million of merger-related integration and transaction costs.