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Lubna Suliman Olayan

SABB reports 2019 net profit at $749m

RIYADH, February 27, 2020

The Saudi British Bank (SABB) recorded a net profit after Zakat and income tax of SR2,812 million ($749 million) for 2019, as against SR2,698 million for the previous year, reflecting an increase of 4.2 per cent.

SABB and Alawwal Bank legally merged on 16 June 2019. SABB’s financial results for 2019 include the financial results of Alawwal Bank from the merger date onwards, a bank statement said, noting that reported periods prior to the merger do not include the financial results of Alawwal Bank.

SABB recorded a net profit after Zakat and income tax of SR899 million for the three months ended December 31, 2019, compared to the net loss after Zakat and income tax of SR168 million for the three months ended December 31, 2018.

Operating income of SR9,398 million for the year ended 31 December 2019, an increase of SR2,075 million, or 28.3 per cent, compared to SR7,323 million for the year 2018.

Loans and advances of SR154.7 billion at 31 December 2019, an increase of SR44.4 billion, or 40.3 per cent, from SR110.3 billion at 31 December 2018.

Customers’ deposits of SR192.2 billion at 31 December 2019, an increase of SR61.7 billion, or 47.3 per cent, compared with SR130.5 billion at 31 December 2018.

Investments of SR60.5 billion at 31 December 2019, an increase of SR25.9 billion, or 74.9 per cent, from SR34.6 billion at 31 December 2018.

Total assets of SR265.5 billion at 31 December 2019, an increase of SR90.8 billion, or 52.0 per cent from SR174.7 billion at 31 December 2018.

Earnings per share is SR1.57 compared to SR1.81 for the year 2018.

Lubna Suliman Olayan, chair of SABB, said “2019 witnessed the historic merger of SABB and Alawwal bank, uniting the legacies and resources of two of the oldest banks in the Kingdom. The greater scale, enhanced market leadership and efficient operating platform will reinforce our unique positioning as a leading financial institution in the Kingdom, enabling us to support Vision 2030 and to benefit from the many opportunities arising from this ambitious national economic growth agenda.”

“The fourth quarter of 2019 represents the second full quarter of results since the legal merger and our financial performance was more reflective of the combined Bank’s returns, albeit within the context of a challenging environment. Our net income before Zakat and income tax of SR990 million was resilient, our balance sheet is robust and the Bank is positioned to grow. We are pleased to announce a final dividend of SR0.60 per share demonstrating the strength of our position.

“I would like to express my heartfelt thanks to our customers, shareholders, management, and our longstanding global partner, HSBC Group, for their continued support and commitment. We are equally grateful to our regulators and government agencies for the support they have shown throughout the merger process,” she added. – TradeArabia News Service




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