10 April 2014
JEDDAH - The Saudi British Bank (SABB) recorded a net profit of SR1,081 million for the quarter ended 31 March 2014. This is an increase of SR133 million or 14.0 percent compared to SR948 million for the same period in 2013, and an increase of SR105 million or 10.8 percent compared to SR976 million for three months ended 31 December 2013.
Operating income of SR1,621 million for the quarter ended 31 March 2014 - an increase of SR183 million, or 12.8 percent, compared with SR1,438 million at 31 March 2013.
Customer deposits of SR137.0 billion at 31 March 2014 - an increase of SR14.9 billion, or 12.2 percent, compared with SR122.1 billion at 31 March 2013.
Loans and advances to customers of SR109.9 billion at 31 March 2014 - an increase of SR8.7 billion, or 8.6 percent, from SR101.2 billion at 31 March 2013.
The bank's investment portfolio increased by SR5.7 billion to SR38.1 billion at 31 March 2014 - an increase of 17.6 percent from March 31, 2013.
Total assets increased by SR16.6 billion to SR175.4 billion at 31 March 2014 - an increase of 10.5 percent from March 31, 2013. Earnings per share is SR1.08 against SR0.95 for the corresponding quarter of the previous year.
Sheikh Khaled Olayan, Chairman of SABB, said:"SABB 's strategy of diversifying its income streams and controlling its costs has enabled the bank to record a strong financial performance for the quarter ended March 31, 2014. SABB 's continued focus on risk management, asset quality and maintaining strong capital and liquidity positions continues to provide SABB with growth opportunities in line with our strategic objectives."
JEDDAH - The Saudi British Bank (SABB) recorded a net profit of SR1,081 million for the quarter ended 31 March 2014. This is an increase of SR133 million or 14.0 percent compared to SR948 million for the same period in 2013, and an increase of SR105 million or 10.8 percent compared to SR976 million for three months ended 31 December 2013.
Operating income of SR1,621 million for the quarter ended 31 March 2014 - an increase of SR183 million, or 12.8 percent, compared with SR1,438 million at 31 March 2013.
Customer deposits of SR137.0 billion at 31 March 2014 - an increase of SR14.9 billion, or 12.2 percent, compared with SR122.1 billion at 31 March 2013.
Loans and advances to customers of SR109.9 billion at 31 March 2014 - an increase of SR8.7 billion, or 8.6 percent, from SR101.2 billion at 31 March 2013.
The bank's investment portfolio increased by SR5.7 billion to SR38.1 billion at 31 March 2014 - an increase of 17.6 percent from March 31, 2013.
Total assets increased by SR16.6 billion to SR175.4 billion at 31 March 2014 - an increase of 10.5 percent from March 31, 2013. Earnings per share is SR1.08 against SR0.95 for the corresponding quarter of the previous year.
Sheikh Khaled Olayan, Chairman of SABB, said:"SABB 's strategy of diversifying its income streams and controlling its costs has enabled the bank to record a strong financial performance for the quarter ended March 31, 2014. SABB 's continued focus on risk management, asset quality and maintaining strong capital and liquidity positions continues to provide SABB with growth opportunities in line with our strategic objectives."
© The Saudi Gazette 2014
