Tuesday, Jul 12, 2011
RIYADH (Zawya Dow Jones)--Saudi British Bank, or SABB (1060.SA), HSBC Holdings PLC's (HBC) local affiliate, said Tuesday second-quarter net profit soared to 852 million Saudi riyals ($227.2 million) from SAR447 in the corresponding period a year ago due to lower operating expenses, beating analyst expectations.
SABB's second-quarter result was well ahead of the SAR686 million effort analysts at Riyadh-based NCB Capital had penciled in and beat the SAR716 million that analysts at Shuaa Capital had predicted.
First-half earnings per share came in at SAR2.14 against SAR1.42 in the year earlier period, the lender said in a statement posted on the Saudi bourse website.
Operating income in the second quarter reached SAR1.35 billion against SAR1.36 billion in the second quarter of 2010, while net special commission income during the same period came in at SAR779 million compared with SAR943 million a year ago.
Total assets at the end of June stood at SAR129.5 billion, a 7.6% rise from the year-earlier period, while investments rose 0.4% to SAR26.1 billion.
Loans and advances reached SAR79.8 billion as of June 30 against SAR74.8 billion in the corresponding period last year and customers deposits rose 5.3% to SAR99.2 billion.
Profits at several Saudi banks were hit in 2009 as they boosted provisions to counter exposure to several troubled Saudi firms and the global economic crisis.
SABB didn't say whether it booked provisions in the second quarter of the year.
The lender's shares closed down 1.19% at SAR41.50 Tuesday on the Riyadh bourse.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
12-07-11 1331GMT
