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Lubna Suliman Olayan

SABB swings to H1 net profit of $503m

RIYADH, August 5, 2021

The Saudi British Bank (SABB) recorded a net profit of SR1.889 billion ($503 million) after Zakat and income tax for the first six months (H1) of 2021, marking an increase of SR7.785 billion or 132% compared to the loss of SR5.896 billion for H1 2020.

Other highlights:

•    Operating income of SR3,984 million for the six months ended 30 June 2021, a decrease of SR703 million, or 15%, compared to SR4,687 million for the same period in 2020.
•    Loans and advances of SR161.4 billion at 30 June 2021, an increase of SR8.5 billion, or 5.6%, from SR152.9 billion at 30 June 2020.
•    Customers’ deposits of SR186.8 billion at 30 June 2021, a decrease of SR1.5 billion, or 0.8%, compared with SR188.4 billion at 30 June 2020.
•    Investments of SR65.1 billion at 30 June 2021, an increase of SR1.1 billion, or 1.7%, from SR64 billion at 30 June 2020.
•    Total assets of SR272.9 billion at 30 June 2021, an increase of SR5.9 billion, or 2.2% from SR266.9 billion at 30 June 2020.
•    Earnings per share is SR0.92 compared to SR(2.87) for the corresponding period of the previous year.

Commenting on the second quarter 2021, Lubna Suliman Olayan, Board Chair of SABB said: “SABB’s performance in the second quarter of 2021 builds on the progress made in the first quarter of the year, as we continue the implementation of our five-year strategic plan.  With integration successfully behind us, our focus turns to growth and continuing our support for the economic transformation goals of Vision 2030.”

“I was especially pleased to see Global Finance Magazine recognize SABB as ‘Saudi Arabia’s Best Bank 2021’, further demonstrating a positive industry view of SABB’s strength as a single integrated entity.

“SABB today is a stronger bank -  our core financial fundamentals remain strong as we posted a third consecutive quarter of loan growth and continued to build momentum with synergy realisation, robust cost management and a lower cost of credit risk.  In addition, capital levels remain healthy, and funding and liquidity levels strong,” she added.

“We certainly appreciate the confidence our customers continue to have in us as their bank of choice.  And I would also like to express thanks and gratitude for the hard work and dedication of our staff, senior management and Board members, as they strive to ensure that we continue to deliver the very high level of service our customers expect from us, while strategically guiding us through these persistently challenging and uncertain times.

“We would not be where we are today without the dedication of our management and employees and the continued support and guidance of our regulators,” Lubna Suliman Olayan concluded. – TradeArabia News Service




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