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SABB Q2 profit up 15pc, beats estimates

Riyadh, July 10, 2014

Saudi British Bank (SABB), the kingdom's fifth-largest listed lender by assets, posted a 15.2 per cent increase in its second-quarter net profit, it said in a bourse statement on Wednesday, beating analyst forecasts.

The bank, an affiliate of HSBC Holdings, said it made 1.16 billion riyals ($309.3 million) in the three months ending June 30, compared with 1 billion riyals in the same period a year earlier.

Analysts surveyed by Reuters expected the bank to post an average net profit of 1.09 billion riyals for the quarter.

The bank attributed its net profit advance to higher operating income - which rose 10.8 per cent year-on-year to 1.66 billion riyals - without elaborating.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

Loans and advances at the end of June stood at 112.7 billion riyals, up 6.3 per cent on the same point of 2013, while deposits rose 9.9 per cent to 138.3 billion riyals over the same period.-Reuters

Tags: Saudi | profit | SABB |

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