SABB’s Q1 2019 profit in line with estimates: Riyad Cap

Saudi British Bank’s (SABB) Q1 2019 net profit of SAR 1.29 billion matched Riyad Capital’s estimate of SAR 1.22 billion but topped consensus forecasts of SAR 1.20 billion.

The profit was driven by improved operating income, due to a rise in net special commission income and non-core income on annual and quarterly basis, Riyad Capital said in an earnings report on Thursday.

The bank's deposits dropped by SAR 3.3 billion to SAR 127 billion, hit by term-deposits.

Investments grew by SAR 4.8 billion to SAR 39 billion in Q1 2019.

SABB is projected to report net profit of SAR 5.25 billion this year, compared to net profit of SAR 4.93 billion in 2018.

Riyad Capital remained "neutral" on the stock, maintaining its target price at SAR 36.