The Saudi British Bank (SABB) recorded a net profit of SR3.718 billion ($990 million) for the first nine months of 2018, marking an increase of SR470 million or 14.5 per cent compared to SR3.248 billion for the same period in 2017.

SABB recorded a net profit of SR1.247 billion for the three months ended 30 September 2018, an increase of SR164 million or 15.1 per cent compared to the three months ended 30 September 2017 of SR1.083 billion.

Operating income of SR5.533 billion for the nine months ended 30 September 2018, an increase of SR144 million, or 2.7 per cent, compared to SR5.389 billion for the same period in 2017.

Loans and advances to customers of SR112.1 billion at 30 September 2018, a decrease of SR4.6 billion, or 3.9 per cent, from SR116.7 billion at 30 September 2017.

Customers’ deposits of SR129.3 billion at 30 September 2018, a decrease of SR5.3 billion, or 3.9 per cent, compared with SR134.6 billion at 30 September 2017.

The bank’s investment portfolio of SR34.0 billion at 30 September 2018, an increase of SR8.7 billion, or 34.4 per cent, from SR25.3 billion at 30 September 2017.

Total assets of SR174.9 billion at 30 September 2018, a decrease of SR4.6 billion, or 2.5 per cent from SR179.5 billion at 30 September 2017.

Earnings per share is SR2.48 compared to SR2.17 for the corresponding period of the previous year.

Sheikh Khaled Olayan, chairman of SABB, said "SABB delivered resilient returns and increased the distribution to shareholders under challenging economic conditions. The SABB Board and its management team has been focused on supporting our customers and the nation’s economic transformation agenda. The Bank remains highly liquid with strong capital, stable funding and a uniquely valuable franchise as the leading international bank in the Kingdom."
 
“I would like to thank our customers, staff and shareholders 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