The Saudi British Bank (SABB) recorded a net profit of SR3.77 billion ($1.006 billion) in 2013, as against a profit of SR3.24 million in the previous year, marking an increase of 16.5 per cent.

SABB recorded a net profit of SR976 million for the three months ended December 31, 2013, an increase of SR161 million or 19.6 per cent, compared to the corresponding three months of 2012, which amounted to SR815 million.

Operating income reached SR5.8 billion million for 2013 – an increase of SR649 million, or 12.6 per cent, compared with SR5.16 billion for 2012.

Customer deposits increased to SR139.0 billion– an increase of SR18.6 billion, or 15.4 per cent, compared with SR120.4 billion during 2012.

Loans and advances to customers touched SR106.1 billion in 2013, reflecting an increase of SR10 billion, or 10.4 per cent, from SR96.1 billion in the previous year. The bank’s investment portfolio totaled SR37.4 billion ($9.97 billion) at December 31, 2013, an increase of SR9.8 billion, or 35.6 per cent, from SR27.6 billion at December 31, 2012.

Total assets were SR177.3 billion at December 31, 2013, compared with SR156.7 billion at December 31, 2012, an increase of 13.2 per cent or SR20.6 billion.

Earnings per share is SR3.77 for the year ended December 31, 2013 against SR3.24 at December 31, 2012.

“SABB’s strategy of diversifying its income streams and controlling its costs ensured another strong financial performance in 2013. SABB’s continued focus on risk management, asset quality and maintaining strong capital and liquidity positions provides SABB with growth opportunities in line with our strategic objectives,” said Sheikh Khaled Olayan, chairman of SABB.

“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.”

SABB managing director David Dew told Reuters in an October 1 interview the bank was finalising a three-year strategic plan based on an assumption that government spending will continue to grow and that Saudi bank lending levels to the private sector are sustainable in the mid teens for the next two-three years.

SABB said last month its board had recommended a cash dividend of SR1 per share for 2013, up from SR0.92 in 2012. – TradeArabia News Service and Reuters