Saudi British Bank shares end lower despite 26% profits jump

SABB, which was voted the best bank in 2022, has recorded SR3.5 billion ($931 million) profit for the period ending on Sept. 30. (Shutterstock)

RIYADH: 

Saudi British Bank saw its share price decline, despite reporting a 26-percent surge in profits in the first nine months of 2022.

SABB shed 2.08 percent ro reach SR42.30 ($11.26) at the closing of Thursday.

SABB, which was voted the best bank in 2022, has recorded SR3.5 billion ($931 million) profit for the period ending on Sept. 30, largely due to a rise in operating income.

This is up from SR2.8 billion in the prior-year period, the bank said in a bourse filing.

Besides an increase in total operating income, SABB said the rise in associate earnings also contributed to the results.