Wednesday 8 July 2020

SABB 2016 net profit plunges 10pc to $1.03bn

RIYADH, January 22, 2017

The Saudi British Bank (SABB) has reported a 10 per cent drop in its net profit for the year ended December 31, which fell to SR3.9 billion from SR4.33 billion last year.

The Saudi bank said its net profit for the fourth quarter too registered a decline of SR332 million which fell to SR607 million from SR939 million profit for the same period the previous year.

However, despite the challenging economic environment, the operating income for the year surged 4.2 per cent to SR6.9 billion from last year's SR6.63 billion.

Commenting on the results, chairman Sheikh Khaled Olayan said: "The financial results reflect SABB’s consistent focus on revenue quality and risk management in line with our strategic objectives while recognising that we are operating in a challenging economic environment."

"In order to support future growth opportunities, including the Kingdom’s 2030 Vision and National Transformation Program, SABB will continue to focus on maintaining strong capital and liquidity positions. SABB’s customer satisfaction levels and industry awards continue to reflect our leading international bank position,” he stated.

According to SABB, its customer deposits fell 5.6 per cent to SR140.6 billion from SR148.9 billion. Its loans and advances to customers too plunged 3.9 per cent to SR121 billion from SR125.9 billion.

Total investment portfolio stood at SR29.3 billion down 17.5 per cent for the month ending 31 December 2015, while the total assets were put at SR186.1 billion as of December 31 down 0.9 per cent from SR187.8 billion, it stated.

SABB said its earnings per share was SR2.6 for the year ended December 31, 2016 compared to SR2.89 last year.-TradeArabia News Service

Tags: SABB | Net Profit | Saudi bank |

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