The Saudi British Bank (SABB) recorded a net profit of SR.08 billion ($288.2 million) million for the first quarter (Q1) of the year, as against SR948 million recorded for the same period in 2013, marking an increase of 14 per cent.

This also reflects an increase of SR105 million or 10.8 per cent compared to SR976 million for three months ended 31 December 2013.

Operating income reached SR1.621 billion for the first quarter – an increase of SR183 million, or 12.8 per cent, compared with SR1.438 billion at March 21, 2013.

Customer deposits touched SR137 billion at March 31, 2014 – an increase of SR14.9 billion, or 12.2 per cent, compared with SR122.1 billion at 31 March 2013.

Loans and advances to customers of SR 109.9 billion at March 31, 2014 – an increase of SR8.7 billion, or 8.6 per cent, from SR101.2 billion at March 31, 2013.

The bank’s investment portfolio increased by SR5.7 billion to SR38.1 billion at March 31, 2014 – an increase of 17.6 per cent from March 31, 2013.

Total assets increased by SR16.6 billion to SR175.4 billion at March 31, 2014 –   an increase of 10.5 per cent from March 31, 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 March 31, 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.” – TradeArabia News Service