SABB profit surges 10pc in H1
Riyadh, July 10, 2013
The Saudi British Bank (SABB), an associated company of the HSBC Group, has recorded a net profit of SR1.95 billion ($520 million) for the first half, up 10.4 per cent compared to SR1.76 billion last year.
Announcing the results, SABB said its net profit for the three months ended 30 June 2013, rose six per cent to hit SR1.01 billion compared to SR948 million in the first quarter.
The Saudi lender saw its operating income grow 12.5 per cent in the first half to hit SR2.93 million compared to SR2.61 billion last year. The customer deposits too surged 7.1 per cent to SR125.9 billion from SR117.6 billion last year.
SABB said its loans and advances to customers touched SR106 billion at June 30, 2013, up 11.9 per cent compared to SR94.7 billion last year.
The bank’s investment portfolio totalled SR30.8 billion as of June 30, 2013, an increase of 10.8 per cent compared with SR27.8 billion at 30 June 2012.
The total assets stood at SR161.9 billion on June 30, 2013, up six per cent compared to SR151.9 billion for the same period last year. The earning per share stood at SR1.95 against SR1.77 for the corresponding first half of the previous year.
Commenting on the solid performance, chairman Sheikh Khaled Olayan said: “SABB has recorded another strong financial performance for the six months ended 30 June 2013 supported by its diversified income streams and effective cost controls. It has continued to focus on booking quality business while preserving strong asset quality, capital and liquidity positions.”
“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,” he added.-TradeArabia News Service