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Private commissions increase SABB earnings by 24% in the first quarter

Saudi UK Bank (SABB) posted a gain of 23.77% in the first quarter of 2011 compared to the same quarter of 2018, up 6.2% from the previous quarter.

The bank's preliminary data on Tadawul showed Monday that net profit rose to 1.29 billion riyals, compared to 1.04 billion riyals over the same period last year.

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The Bank added an increase in net income to increase gross operating income as a result of increased net commission income, net currency transfer gains and lower operating expenses.

By contrast, net fee and commission income declined and other operating expenses increased as a result of merger planning costs.

In the fourth quarter of 2018, the bank's profits rose to 1.21 billion riyals compared to 707 million riyals in the same quarter of 2017, an increase of 71.3 percent.


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