The Saudi British Bank (SABB) recorded a net profit of SR2,471 million ($658 million) for the first six months (H1) of the year as compared to SR2,165 million for the same period in 2017,marking an increase of 14.1 per cent.

SABB recorded a net profit of SR1,432 million for the three months ended 30 June 2018, an increase of SR303 million or 26.8 per cent compared to the three months ended 30 June 2017 of SR1,129 million.

SAPP also recorded an operating income of SR3,653 million for the six months ended 30 June 2018, an increase of SR28 million, or 0.8 per cent, compared to SR3,625 million for the same period in 2017.

Loans and advances to customers reached SR113.4 billion at 30 June 2018, a decrease of SR4.5 billion, or 3.8 per cent, from SR117.9 billion at 30 June 2017.

Customers’ deposits of SR132.9 billion at 30 June 2018, a decrease of SR5.4 billion, or 3.9 per cent, compared with SR138.3 billion at 30 June 2017.

The bank’s investment portfolio stood at SR32.3 billion at 30 June 2018, an increase of SR11.0 billion, or 51.6 per cent, from SR21.3 billion at 30 June 2017.

Sheikh Khaled Olayan, chairman of SABB, said "As the Leading International Bank in the Kingdom, SABB continued to contribute to the national economic transformation agenda while growing shareholder value through resilient financial results for the first half of 2018. The Bank remains well capitalised and highly liquid to support future growth."

“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