DUBAI (Reuters) - Saudi British Bank (SE:1060) (SABB), the kingdom's fifth-largest bank by assets, posted a 1.2 percent increase in its second-quarter net profit on Tuesday, in line with analyst forecasts as earnings from special commissions rose.
The bank, an affiliate of HSBC Holdings (L:HSBA), said it made 1.15 billion riyals (£233.4 million) in the three months ending June 30, compared with 1.14 billion riyals in the same period a year earlier, according to a bourse filing.
Four analysts surveyed by Reuters on average expected the bank to post a net profit of 1.11 billion riyals for the quarter.
The main driver for the earnings gain was a 10.8 percent increase in profits from special commissions to 1.18 billion riyals, which helped boost total operating income by 5.1 percent.
This helped to offset a 7.1 percent jump in total operating expenses, where a reduction in impairments for bad loans was overshadowed by higher salaries.
Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.