RIYADH: The Saudi British Bank, known as SABB, has recorded a massive profit leap in 2021, compared to a loss a year earlier.
The bank swung from SR4.16 billion ($1.1 billion) net loss to a profit of SR3.2 billion despite a fall in operating income of 10 percent, according to a bourse filing.
In a statement to the Saudi exchange, the bank attributed the strong figures to lower provision for expected credit losses, down by SR1.17 billion, as well as lower expenses.
Expenses were reduced by SR500 million on the back of continued adoption of efficient, cost-cutting operations, it said.
The bank saw its earnings per share jump to SR1.56 during the year.