The Saudi British Bank (SABB), a leading financial institution in the kingdom, has recorded a net profit of SR3.25 billion ($866 million) for the first nine months, down 1.2 per cent (or SR40 million) compared to SR3.29 billion ($876 million) for the same period in 2016.

Announcing the results for the nine month period ended September 30, SABB said its operating income surged 2.8 per cent to hit SR5.38 billion compared to SR5.24 million for the same period last year.

For the three months ended September 30, 2017, SABB recorded a net profit of SR1.08 billion down 4.1 per cent over the previous quarter's result of SR1.12 billion.

The loans and advances too fell 7.3 per cent to SR116.7 billion at 30 September from SR125.9 billion.

The customers’ deposits too witnessed a decline during the nine-month period hitting SR134.6 billion, down 6.6 per cent over last year's SR144.1 billion.

Commenting on the results, Chairman Sheikh Khaled Olayan said: "During the third quarter, SABB has delivered a quality set of earnings under continued challenging macro economic conditions. The board and its management team remain dedicated to supporting customers, and generating value for our shareholders through focus on asset quality, optimal returns, and cost efficiency."

"SABB's market-leading client solutions, strong risk management, success in attracting and developing local talent, strong capital, abundant liquidity, and a strategic advantage as the leading international bank in the kingdom continue to serve as core strengths underpinning its current and future success," he noted.

"Saudi Arabia is undergoing a significant economic transformation and SABB is committed to supporting its customers and the kingdom through this journey," he added.-TradeArabia News Service