The Saudi British Bank (SABB) recorded a net profit of SR2.233 billion ($595 million) for the nine months ended September 30, marking a 50.2 per cent increase against a net profit of SR1.487 billion for the same period in 2010.

Operating income reached SR3.777 billion for the nine months– an increase of SR54 million, or 1.5 per cent, compared with SR3.723 billion for the same period in 2010.

Customer deposits went up 11.1 per cent to SR100.8 billion at September 30, compared with SR90.7 billion last year.

Total assets were at SR131.9 billion at September 30, compared with SR118.3 billion at 30 September 2010, showing an increase of 11.5 per cent or SR13.6 billion.

The results showed earnings per share of SR2.98 for the nine months ended September 30, up from SR1.98 for the same period in 2010.

“SABB has achieved strong profit growth with its robust and diversified operating income streams and cost containment measures,” said Sheikh Khaled Olayan, chairman of SABB.

“SABB has steadily grown its balance sheet during the year with ongoing drive to book quality business and continues to take a prudent view on provisioning.  We are committed to supporting our customers and seeking new opportunities for business growth,” he added. – TradeArabia News Service