RIYADH: Shares of Saudi British Bank increased by 0.72 percent at the end of Wednesday trading, after it announced a 10-percent surge in profit in the first half of 2022.
As of 10:05 a.m. Saudi time, the stock traded at SR42 ($11.2), up from 41.90 the previous day.
SABB has recorded SR2.1 billion ($559 million) profit for the first half of 2022, largely due to a rise in operating income.
This is up from SR1.9 billion in the prior-year period, the bank, which was voted the best bank in 2022, announced in a bourse filing.
Besides an increase in total operating Income, the bank said the rise in associate earnings also contributed to the results.
The Bank’s underlying growth continues and sentiment remains strong, evidencing the fact that, despite a turbulent macro-economic backdrop, the Saudi banking sector has weathered the second quarter with remarkable resilience, according to Chairman Lubna Olayan.
