The Saudi British Bank (SABB) recorded a net profit of SR1.142 billion ($304 million) for the quarter ended March 31, an increase of SR27 million or 2.4 per cent compared to SR1.115 billion for the same period in 2015.

The figure was an increase of SR203 million or 21.6 per cent compared to SR939 million for three months ended December 31, 2015.

Operating income was SR1,796 million for the first quarter of this year, an increase of SR79 million, or 4.6 per cent, compared with SR1.717 billion for the same period in 2015.

Loans and advances to customers reached SR130 billion as at March 31, 2016, an increase of SR9.6 billion, or 8 per cent from SR120.4 billion during the same period last year.

Customer deposits of SR151.5 billion was an increase of SR2.5 billion, or 1.7 per cent.

The bank’s investment portfolio of SR28.6 billion posted a decrease of SR18.7 billion, or 39.5 per cent, from SR47.3 billion as at March 31,  2015.

Total assets increased by SR1.6 billion to SR191.8 billion, an increase of 0.8 per cent.

Earnings per share was SR0.76 against SR0.74 for the corresponding quarter of the previous year.

Sheikh Khaled Olayan, chairman of SABB, said: “The solid financial results reflect SABB’s consistent focus on revenue growth and risk management in line with our strategic objectives. SABB’s customer satisfaction levels and industry awards reflect our leading international bank position. SABB’s strong capital and liquidity position continue to support our growth strategies and our ability to enhance shareholder value as business opportunities arise.” - TradeArabia News Service