The Saudi British Bank (SABB) has recorded a net profit of SR1.04 billion ($277 million) for the first quarter of 2017, down 9.3 per cent compared to SR1.14 billion ($303 million) for the same period last year but an increase of SR429 million or 70.7 per cent compared to SR607 million for three months ended December 31, 2016.

Its operating income for the quarter ended March 31, 2017 rose 1.6 per cent to SR1.82 billion compared to SR1.79 billion for the same period last year, said the Saudi bank in a statement.

Total assets decreased 3.4 per cent to SR185.3 billion from SR191.8 billion last year.

Earnings per share stood at SR0.69 against SR0.76 per share for the corresponding quarter of the previous year.

Commenting on the results, Sheikh Khaled Olayan, the chairman of SABB, said: "The financial results reflect SABB’s ability to continue to generate value for shareholders even during challenging conditions, supported by a strong franchise, focused management team, quality risk management and a clear vision."

"Aligned with the Kingdom’s 2030 Vision and National Transformation Program 2020, SABB will focus on deploying capital efficiently, and maintaining a stable and strong funding base. Customer satisfaction levels and industry awards continue to recognise our position as the leading international bank in the Kingdom," he added.-TradeArabia News Service