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SABB records 10% lower net earnings in Q3

SABB records 10% lower net earnings in Q3
The bank's revenue for Q3-20 was down by 27.95% YoY.
SAB
1060
4.63% 35.00 1.55

Riyadh - Mubasher: The net profits of Saudi British Bank (SABB) dipped by 10.5% year-on-year (YoY) in the third quarter (Q3) of 2020, standing at SAR 1.05 billion.

This decrease was driven by a lower total operating income, partially offset by a decrease in total operating expenses and provision for Zakat and income tax, according to a stock exchange statement on Tuesday.  

Revenue for the three-month period ended 30 September totalled SAR 1.86 billion, down by 27.95% YoY.

During the period from January to September of the year, the lender turned to a net loss of SAR 4.8 billion, against a net profit of SAR 2.1 billion in the corresponding period a year earlier.