SABB’s net profit in 2016 at SR3.895bn

RIYADH — The Saudi British Bank (SABB) reported a net profit of SR3,895 million for the year ended Dec. 31, 2016, a decrease of SR436 million or 10.1% compared to SR4,331 million last year. SABB reported a net profit of SR607 million for the three months ended Dec. 31, 2016, a decrease of SR332 million or 35.4% compared to the same period in 2015 of SR939 million. Operating income of SR6,909 million for the year ended Dec. 31, 2016, an increase of SR278 million, or 4.2%, compared with SR6,631million last year. Customer deposits of SR140.6 billion as of Dec. 31, 2016, a decrease of SR8.3 billion, or 5.6%, compared with SR148.9 billion as of Dec. 31, 2015. Loans and advances to customers at SR121.0 billion, a decrease of SR4.9 billion, or 3.9%, from SR125.9 billion as of Dec. 31, 2015. Total investment portfolio of SR29.3 billion as of Dec. 31, 2016, a decrease of SR6.2 billion, or 17.5%, from SR35.5 billion as of Dec. 31, 2015. Total assets of SR186.1 billion as of Dec. 31, 2016, a decrease of SR1.7 billion, or 0.9%, from SR187.8 billion as of Dec. 31, 2015. Earnings per share is SR2.60 for the year ended Dec. 31, 2016 compared to SR2.89 a year ago. 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.” — SG