The Saudi British Bank - SABB recorded a net profit of SAR 854 million for the quarter ended 31 March 2012. This is an increase of SAR 103 million or 13.7% compared to SAR 751 million for the same period in 2011, and an increase of SAR 199 million or 30.4% as compared to the three months ended 31 December 2011, which amounted to SAR 655 million.
Operating income of SAR 1,235 million for the quarter ended 31 March 2012 - an increase of SAR 15 million, or 1.2 %, compared with SAR 1,220 million for the same period in 2011.
Customer deposits of SAR 111.6 billion at 31 March 2012 - an increase of SAR 14.7 billion, or 15.2 %, compared with SAR 96.9 billion at 31 March 2011.
Loans and advances to customers of SAR 91.2 billion at 31 March 2012 - an increase of SAR 15.0 billion, or 19.7 %, from SAR 76.2 billion at 31 March 2011.
The bank's investment portfolio totalled SAR 23.6 billion at 31 March 2012, a decrease of 3.7 % compared with SAR 24.5 billion at 31 March 2011.
Total assets were SAR 144.0 billion at 31 March 2012, compared with SAR 126.0 billion at 31 March 2011, an increase of 14.3 % or SAR 18.0 billion.
Earning per share is SAR 0.85 against SAR 0.75 (adjusted to bonus share issue 1 to 3 shares) for the corresponding quarter of the previous year.
Sheikh Khaled Olayan, Chairman of SABB, said: "SABB's diversified income streams, ongoing cost controls and emphasis on booking quality assets ensured another strong financial performance for the quarter ended 31 March 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."
© Press Release 2012
