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Khaled Olayan, Chairman SABB.

SABB profit SR2,238m up 14.6% in 1H 2014

: Thursday, July 10 - 2014 @ 12:39

The Saudi British Bank – SABB recorded a net profit of SR2,238m for the six months ended 30 June 2014. This is an increase of SR285m or 14.6% compared to SR1,953m for the same period in 2013.

SABB recorded a net profit of SR1,157m for the three months ended 30 June 2014, an increase of SR76m or 7.1% as compared to the three months ended 31 March 2014, which amounted to SR1,081m.

Operating income of SR3,285m for the six months ended 30 June 2014 – an increase of SR347m, or 11.8%, compared with SR2,938m for the same period in 2013.

Customer deposits of SR138.3bn at 30 June 2014 – an increase of SR12.4bn, or 9.9% compared with SR125.9bn at 30 June 2013. Loans and advances to customers of SR112.7bn at 30 June 2014 – an increase of SR6.7bn, or 6.3% from SR106.0bn at 30 June 2013.

The bank’s investment portfolio totalled SR41.5bn at 30 June 2014, an increase of SR10.7bn, or 34.5% from SR30.8bn at 30 June 2013. Total assets were SR175.5bn at 30 June 2014, compared with SR161.9bn at 30 June 2013, an increase of 8.4% or SR13.6bn. Earnings per share is SR2.24 against SR1.95 for the corresponding first half of the previous year.

Sheikh Khaled Olayan, Chairman of SABB, said, “SABB’s strategy of diversifying its income streams and controlling its costs has enabled the bank to record a strong financial performance for the six months ended 30 June 2014. SABB’s continued focus on risk management, asset quality and maintaining strong capital and liquidity positions continues to provide SABB with growth opportunities in line with our strategic objectives.”

“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.

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Thursday, July 10- 2014 @ 12:39 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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