SABB profit SR1,081m up 14.0% in Q1 2014
The Saudi British Bank (SABB) recorded a net profit of SR1,081m for the quarter ended 31 March 2014. This is an increase of SR133m or 14.0% compared to SR948m for the same period in 2013, and an increase of SR105m or 10.8% compared to SR976m for three months ended 31 December 2013.
Operating income of SR1,621m for the quarter ended 31 March 2014 – an increase of SR183m, or 12.8 %, compared with SR1,438m at 31 March 2013.
Customer deposits of SR137.0bn at 31 March 2014 – an increase of SR14.9bn, or 12.2 %, compared with SR122.1bn at 31 March 2013.
Loans and advances to customers of SR109.9bn at 31 March 2014 – an increase of SR8.7bn, or 8.6 %, from SR101.2bn at 31 March 2013.
The bank’s investment portfolio increased by SR5.7bn to SR38.1bn at 31 March 2014 – an increase of 17.6 % from 31 March 2013.
Total assets increased by SR16.6bn to SR175.4bn at 31 March 2014 – an increase of 10.5 % from 31 March 2013.
Earnings per share is SR1.08 against SR0.95 for the corresponding quarter 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 quarter ended 31 March 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.”
Head of Corporate Communications
The Saudi British Bank