SABB first-half net profit rises 14.6% to SR2.238bn
The Saudi British Bank (SABB) has recorded a net profit of SR2.238 billion for the six months ended June 30 2014.
This is an increase of SR285 million or 14.6 percent compared to SR1.953 billion for the same period in 2013.
SABB recorded a net profit of SR1.157 billion for the three months ended June 30 2014, an increase of SR76 million or 7.1 percent as compared to the three months ended March 31 2014, which amounted to SR1.081 billion, according to a press release.
It said SABB’s operating income was SR3.285 billion for the six months ended June 30, 2014 — an increase of SR347 million, or 11.8 percent, compared with SR2.938 billion for the same period in 2013.
Customer deposits of SR138.3 billion at June 30 2014 showed an increase of SR12.4 billion, or 9.9 percent compared with SR125.9 billion at June 30 2013.
Loans and advances to customers of SR112.7 billion at June 30 2014 recorded an increase of SR6.7 billion, or 6.3 percent from SR106.0 billion at June 30 2013.
The bank’s investment portfolio totaled SR41.5 billion at June 30 014, an increase of SR10.7 billion, or 34.5 percent from SR30.8 billion at June 30 2013.
Total assets were SR175.5 billion at June 30 2014, compared with SR161.9 billion at June 30 2013, an increase of 8.4 percent or SR13.6 billion.
Earnings per share is SR2.24 against SR1.95 for the corresponding first half of the previous year.
Sheikh Khaled Olayan, chairman of SABB, said: “SABB’s strategy of diversifying its income streams and controlling its costs has enabled the bank to record a strong financial performance for the six months ended June 30 2014.”
He said: “SABB’s continued focus on risk management, asset quality and maintaining strong capital and liquidity positions continues to provide SABB with growth opportunities in line with our strategic objectives.”
He said: “We would again like to thank our customers for their continued support and our staff for their commitment and contribution to the bank’s success.”