The Saudi British Bank (SABB) recorded a net profit of SR3.288 billion ($876 million) for the nine months ended September, marking a decrease of SR104 million or 3.1 per cent compared to SR3.392 billion for the same period in 2015.

 SABB recorded a net profit of SR995 million for the three months ended September 30, a decrease of SR156 million or 13.6 per cent as compared to the three months ended June 30, which amounted to SR1.151 billion.

Operating income of SR5.244 billion for the nine months ended September 30 – an increase of SR163 million, or 3.2 per cent, compared with SR5.081 billion for the same period in 2015.

Customer deposits of SR144.1 billion at September 30 – a decrease of SR11.8 billion, or 7.6 per cent compared with SR155.9 billion at September 30, 2015.

Loans and advances to customers of SR125.9 billion at September 30 – a decrease of SR3.7 billion, or 2.9 per cent from SR129.6 billion at September 30, 2015.

SABB’s investment portfolio totalled SR29.0 billion at September 30, a decrease of SR14.5 billion, or 33.3 per cent from SR43.5 billion at September 30, 2015.

Total assets were SR185.9 billion at September 30, compared with SR197.2 billion at September 30, 2015, a decrease of 5.7 per cent or SR11.3 billion.

Earnings per share is SR2.19 against SR2.26 for the corresponding nine months of the previous year.

Sheikh Khaled Olayan, chairman of SABB, said: “The financial results reflect SABB’s consistent focus on revenue quality and risk management in line with our strategic objectives while recognising that we are operating in a challenging economic environment.”

“In order to support future growth opportunities, including the Kingdom’s 2030 Vision and National Transformation Program, SABB will continue to focus on maintaining strong capital and liquidity positions. SABB’s customer satisfaction levels and industry awards continue to reflect our leading international bank position,” he added. – TradeArabia News Service