SABB net income up 7% in Q4 RIYADH, 24 days ago The Saudi British Bank (SABB) reported a net income of SR680 million for the three months ended December 31, 2020.
Net income before Zakat and income tax for the three months was SR801 million, SR55 million or 7% higher than the three months ended December 31, 2019, mainly from lower expected credit losses partly offset by reduced revenue, the bank said.
The fourth quarter of 2020 saw an acceleration in the integration of SABB and Alawwal Banks with full integration expected by the end of the first quarter of 2021.
Financial highlights: • A resilient end to the year but bottomline financial performance was disappointing with a full year net loss before Zakat and income tax of SR4,302 million, which included the impairment of goodwill in the second quarter of SR7,418 million, the bank said.