The Saudi British Bank (Sabb) has posted customer deposits at SR111.6 billion ($29.75 billion) in the first quarter of the year, an increase of SR 14.7 billion, or 15.2  per cent, compared with SR96.9 billion last year.

The bank also recorded a net profit of SR854 million ($227.7 million) for the first quarter of 2012, marking an increase of 13.7 per cent compared to SR751 million for the same period in 2011.

This is an increase of SR199 million or 30.4 per cent as compared to the three months ended December 31, 2011, which amounted to SR655 million.

Operating income of SR1,235 million for the quarter of 2012 – an increase of SR15 million, or 1.2 per cent, compared with SR1,220 million for the same period in 2011.

The bank’s investment portfolio totalled SR23.6 billion at March 31, a decrease of 3.7  per cent compared with SR24.5 billion in 2011.

Total assets were SR 144.0 billion at the end of the first quarter of the year, compared with SR126.0 billion in 2011, an increase of 14.3 per cent or SR18.0 billion.

Earnings per share is SR0.85 against SR 0.75 (adjusted to bonus share issue 1 to 3 shares) for the corresponding quarter of the previous year.

“Sabb's diversified income streams, ongoing cost controls and emphasis on booking quality assets ensured another strong financial performance for the quarter ended March 31,” said  Sheikh Khaled Olayan, chairman of Sabb.

“Our commitment  to supporting our customers enabled us to record significant balance sheet growth while maintaining strong capital and liquidity ratios, further supported by our successful Sukuk issuance in March,” he added. – TradeArabia News Service