SABB records nine months profit of SR3,288 million

THE Saudi British Bank (SABB) recorded a net profit of SR3,288 million for the nine months ended Sept. 30. This is a decrease of SR104 million or 3.1% compared to SR3,392 million for the same period in 2015. SABB recorded a net profit of SR995 million for the three months ended Sept. 30, a decrease of SR156 million or 13.6% as compared to the three months ended June 30, which amounted to SR1,151 million. Operating income of SR5,244 million for the nine months ended Sept. 30 – an increase of SR163 million, or 3.2%, compared with SR5,081 million for the same period in 2015. Customer deposits of SR144.1 billion at Sept. 30– a decrease of SR11.8 billion, or 7.6% compared with SR 155.9 billion for the same period in 2015. Loans and advances to customers of SR125.9 billion at Sept. 30 – a decrease of SR3.7 billion, or 2.9% from SR129.6 billion for the same period in 2015. SABB’s investment portfolio totaled SR29.0 billion at Sept. 30, a decrease of SR14.5 billion, or 33.3% from SR 43.5 billion for the same period in 2015. Total assets were SR185.9 billion at Sept. 30, compared with SR197.2 billion at Sept. 30, 2015, a decrease of 5.7% or SR 11.3 billion. Earnings per share is SR2.19 against SR2.26 for the corresponding nine months of the previous year. Commenting on the results, Sheikh Khaled Olayan, chairman of SABB, said “the financial results reflect SABB’s consistent focus on revenue quality and risk management in line with our strategic objectives while recognizing that we are operating in a challenging economic environment. In order to support future growth opportunities, including the Kingdom’s 2030 Vision and National Transformation Program, SABB will continue to focus on maintaining strong capital and liquidity positions. SABB’s customer satisfaction levels and industry awards continue to reflect our leading international bank position.” Sheikh Khaled added, “I would like to thank our customers, staff and shareholders for their continued 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.”