Saudi British Bank's Q4 net profit jumps 24.4%
- Saudi Arabia: Monday, January 14 - 2013 at 18:39
The Saudi stock market Tadawul fell Monday by 0.38% to close at 7,087.83 points. SABIC declined the third day straight, finishing at SR93.50 (off 0.27%). The earnings season continued with Saudi British Bank, known as SABB, whose share closed even at SR31.00. SABB reported a 24.4.% year-on-year increase in fourth quarter net profits, amounting to SR815m. The lender's net income during 12 months amounted to SR3.24bn against SR2.888b for the corresponding period of the previous year with an increase of 12.2%. SABB said in a statement to the Tadawul bourse the increase in net income during Q4 2012 was due to an increase in operating income and a decrease in operating expenses, while the same applied to the full-year net income increase.
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