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Saudi British Bank posts Q2 net loss of 254M riyals due to merger-related costs

Saudi British Bank reported a second-quarter net loss of 254 million Saudi Arabian riyals, compared to a net profit of 833 million riyals in the same period in 2018.

The lender attributed the result to an increase in total operating expenses which was down to higher provision for credit losses, and an increase in other operating expense items that incorporated 75 million riyals of merger-related integration planning and transaction costs in the quarter.

The Saudi bank's merger with local peer Alawwal Bank took effect in June after the creditor objection period lapsed without objections.

Net income from special commissions and investments amounted to 1.58 billion riyals, up from 1.39 billion riyals in the same period a year ago. The bank's total operation profit increased on a yearly basis to 1.98 billion riyals from 1.87 billion riyals.

For the first half, the bank's net profit amounted to 851 million riyals, down from the year-ago 1.81 billion riyals.

Net income before Zakat and taxes fell on a yearly basis to 968 million riyals in the half, from 2.47 billion riyals, due to the bank's 1.72 billion riyals of charges for expected credit losses and 156 million riyals of merger-related expenses including 133 million riyals for transaction fees and integration expenses in the first half.

Profit per share for the period was 55 halalas, down from 1.21 riyals a year earlier.

The bank's core Tier 1 ratio was 17.6% at the end of June, compared to 20.1% a year earlier. The cost efficiency ratio came in at 33.7% at June-end, compared to 29.2% a year ago.

As of Aug. 6, US$1 was equivalent to 3.75 Saudi Arabian riyals.