The Saudi British Bank (SABB) recorded a net profit of SR1.039 billion ($276.8 million) for the quarter ended March 31, 2018 marking an increase of SR3 million or 0.3 per cent compared to SR1.036 billion for the same period in 2017.

This also reflects an increase of SR333 million or 47.2 per cent compared to SR706 million for the three months ended December 31, 2017.

The bank also reported an operating income of SR1,774 million for the quarter, a decrease of SR50 million, or 2.7 per cent, compared to SR1,824 million for the same period in 2017.

Loans and advances to customers reached SR116.5 billion at March 31, 2018, a decrease of SR3.0 billion, or 2.5 per cent, from SR119.5 billion at March 31, 2017.

Customers’ deposits touched SR135.4 billion during the period, a decrease of SR6.2 billion, or 4.4 per cent, compared with SR141.6 billion at March 31, 2017.

The bank’s investment portfolio reached SR31.8 billion, an increase of SR8.0 billion, or 33.6 per cent, from SR23.8 billion, while  total assets were logged at SR182.6 billion at March 31, 2018, a decrease of SR2.7 billion, or 1.5 per cent from SR185.3 billion at March 31, 2017.

Earnings per share is SR0.69 compared to SR0.69 for the corresponding quarter of the previous year.

Sheikh Khaled Olayan, chairman of SABB, said "As the Leading International Bank in the Kingdom, SABB continued to demonstrate strong resilience through its first quarter results.  The SABB Board and its management team are focussed on growing shareholder value and contributing to the national economic transformation agenda.  The Bank remains well capitalised and highly liquid."

“I would like to thank our customers, shareholders and staff for their support and commitment. I would also like to express my sincere thanks and appreciation to our regulators and government ministries for their continued guidance and vision,” he added. – TradeArabia News Service