SABB 9-month net profit up 8.6pc
Riyadh, October 10, 2012
Saudi British Bank (SABB) said its net profit for the nine months ended 30 September hit SR2.42 billion ($640 million), up 8.6 per cent compared to SR2.23 billion for the same period last year.
Announcing the nine months results on Wednesday, SABB said its operating income hit SR3.93 billion posting an increase of SR161 million (4.3 per cent) compared to SR3.77 billion for the same period last year. The bank registered a net profit of SR192 million for the nine-month period.
The bank's customer deposits surged 18.8 per cent o hit SR119.7 billion, compared to SR100.8 billion last year. The loans and advances to customers also grew 18.8 per cent to hit SR97.8 billion for the nine-month period to September 30 compared to SR82.4 billion last year.
The Saudi bank’s investment portfolio ballooned to SR29.3 billion during the period posting an increase of 21.9 per cent compared to SR24.1 billion last year.
The bank's total assets were SR156.2 billion of September 30, 2012, up 18.4 per cent compared to SR131.9 billion last year.
The Saudi bank however saw a drop in its third quarter net profit which fell 28.3 per cent to SR656 million.
The earnings per share was seen at SR2.42 for the nine months against SR2.23 (adjusted to bonus share issue 1 for 3 shares as a result of the bank’s capital increase to SR10 billion) for the corresponding period of the previous year.
Commenting on the performance, chairman Sheikh Khaled Olayan said, “SABB’s strategy of diversifying its income streams and controlling its costs effectively ensured a strong financial performance for the nine months."
"SABB has continued to focus on booking quality assets and sustaining growth while preserving strong asset quality, capital and liquidity positions,” he added.-TradeArabia News Service
More Finance & Capital Market Stories
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013