SABB profit up 17.8% for nine months
The Saudi British Bank (SABB) has reported a net profit of SR3,297 million for the nine months ended Sept. 30, an increase of SR499 million or 17.8 percent compared to SR2,798 million for the same period in 2013.
SABB reported a net profit of SR1,059 million for the three months ended Sept. 30, 2014, an increase of SR213 million or 25.2 percent as compared to the three months ended Sept. 30, 2013 of SR846 million.
Operating income of SR4,939 million for the nine months ended Sept. 30 2014, an increase of SR526 million, or 11.9 percent, compared with SR4,413 million for the same period in 2013.
Customer deposits of SR143.7 billion at Sept. 30 2014, an increase of SR13.8 billion, or 10.6 percent compared with SR129.9 billion at Sept. 30, 2013.
Loans and advances to customers of SR116.7 billion at Sept. 30 2014, an increase of SR8.9 billion, or 8.2 percent from SR107.8 billion at Sept. 30 2013.
The bank’s investment portfolio totaled SR40.9 billion at Sept. 30, an increase of SR9.9 billion, or 32 percent from SR31.0 billion at 30 Sept. 30 ,2013.
Total assets were SR183.0 billion at Sept. 30 2014, compared with SR166.3 billion at Sept. 30 2013, an increase of 10.0 percent or SR16.7 billion.
Earnings per share is SR3.30 against SR2.80 for the corresponding nine month 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 nine months ended Sept. 30, 2014. 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.”
The chairman 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.”