Riyadh – Mubasher: Saudi British Bank (SABB) registered net profits valued at SAR 1.76 billion in the first quarter (Q1) of 2023, a 75.80% year-on-year (YoY) jump from SAR 1 billion.

Earnings per share (EPS) soared to SAR 0.86 in Q1-23 from SAR 0.49 in Q1-22, according to the initial financial results.

The clients’ deposits reached SAR 225.98 billion during the January-March 2023 period, an annual growth of 16.55% from SAR 193.88 billion.

The assets jumped by 16.34% YoY to SAR 328.88 billion in Q1-23 from SAR 282.69 billion, while the investments hiked by 38.71% YoY to SAR 90.97 billion from SAR 65.58 billion.

On a quarterly basis, the Q1-23 net profits climbed by 27.07% from SAR 1.38 billion in Q4-22.

Last April, the Saudi lender unveiled rebranding to SAB – الاول, following the merger of SABB and Alawwal Bank.

In 2022, the listed bank witnessed 52.15% higher net profits at SAR 4.87 billion, compared to SAR 3.20 billion in the January-December 2021 period.