Saturday, Oct 15, 2011
0706 GMT [Zawya Dow Jones]--NBK Capital says a strong increase in SABB's third-quarter bottom line was significantly supported by a sharp drop in provisions. SABB, or Saudi British Bank, on Wednesday posted a 50% year-on-year surge in net profit to SAR630 million. "We believe this is a good set of results. Operating income and loan growth were in-line with our forecasts. The sharp drop in provisioning and, hence, the strong net profit growth witnessed are in-line with our view for SABB for FY2011." Maintains a buy recommendation on SABB; fair value SAR49. (nikhil.lohade@dowjones.com)
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(END) Dow Jones Newswires
15-10-11 0707GMT
