RIYADH: The Saudi British Bank (SABB) recorded a net profit of SR854 million for the quarter ended March 31. This is an increase of SR103 million or 13.7 percent compared to SR751 million for the same period in 2011, and an increase of SR199 million or 30.4 percent as compared to the three months ended Dec. 31, 2011, which amounted to SR655 million.
Operating income of SR1,235 million for the quarter ended March 31 marked an increase of SR15 million, or 1.2 percent, compared with SR1.22 billion for the same period in 2011.
Customer deposits of SR111.6 billion at March 31 - an increase of SR14.7 billion, or 15.2 percent, compared with SR96.9 billion at March 31, 2011.
Loans and advances to customers of SR91.2 billion at March 31 - an increase of SR15.0 billion, or 19.7 percent, from SR76.2 billion at March 31, 2011.
The bank's investment portfolio totaled SR23.6 billion at March 31, a decrease of 3.7 percent compared with SR24.5 billion at March 31, 2011. Total assets were SR144.0 billion at March 31, compared with SR126.0 billion at March 31, 2011, an increase of 14.3 percent or SR18.0 billion.
Earning per share is SR0.85 against SR0.75 (adjusted to bonus share issue 1 to 3 shares) for the corresponding quarter of the previous year.
SABB Chairman Khaled Olayan said: "SABB's diversified income streams, ongoing cost controls and emphasis on booking quality assets ensured another strong financial performance for the quarter ended March 31, 2012. Our commitment to supporting our customers enabled us to record significant balance sheet growth while maintaining strong capital and liquidity ratios, further supported by our successful sukuk issuance in March. We thank our customers for their continued support, and our staff for their commitment and contribution to the bank's success."
© Arab News 2012
