SABB 9-month net profit up 8.6pc
Riyadh, October 10, 2012
Saudi British Bank (SABB) said its net profit for the nine months ended 30 September hit SR2.42 billion ($640 million), up 8.6 per cent compared to SR2.23 billion for the same period last year.
Announcing the nine months results on Wednesday, SABB said its operating income hit SR3.93 billion posting an increase of SR161 million (4.3 per cent) compared to SR3.77 billion for the same period last year. The bank registered a net profit of SR192 million for the nine-month period.
The bank's customer deposits surged 18.8 per cent o hit SR119.7 billion, compared to SR100.8 billion last year. The loans and advances to customers also grew 18.8 per cent to hit SR97.8 billion for the nine-month period to September 30 compared to SR82.4 billion last year.
The Saudi bank’s investment portfolio ballooned to SR29.3 billion during the period posting an increase of 21.9 per cent compared to SR24.1 billion last year.
The bank's total assets were SR156.2 billion of September 30, 2012, up 18.4 per cent compared to SR131.9 billion last year.
The Saudi bank however saw a drop in its third quarter net profit which fell 28.3 per cent to SR656 million.
The earnings per share was seen at SR2.42 for the nine months against SR2.23 (adjusted to bonus share issue 1 for 3 shares as a result of the bank’s capital increase to SR10 billion) for the corresponding period of the previous year.
Commenting on the performance, chairman Sheikh Khaled Olayan said, “SABB’s strategy of diversifying its income streams and controlling its costs effectively ensured a strong financial performance for the nine months."
"SABB has continued to focus on booking quality assets and sustaining growth while preserving strong asset quality, capital and liquidity positions,” he added.-TradeArabia News Service