SABB reports profit of SAR 970 million

For the three-month period ended 31 March 2021

  
Lubna Olayan

Lubna Olayan

The Saudi British Bank (“SABB”) recorded a net profit after Zakat and income tax of SAR 970 million for the three months ended 31 March 2021. This is a decrease of SAR 1 million or 0.1% compared to SAR 971 million for the same period in 2020.

Operating income of SAR 2,008 million for the three months ended 31 March 2021, a decrease of SAR 361 million, or 15%, compared to SAR 2,369 million for the same period in 2020.

Loans and advances of SAR 156.7 billion at 31 March 2021, an increase of SAR 1.5 billion, or 1%, from SAR 155.2 billion at 31 March 2020.

Customers’ deposits of SAR 183.7 billion at 31 March 2021, a decrease of SAR 4.6 billion, or 2.4%, compared with SAR 188.3 billion at 31 March 2020.

Investments of SAR 63.2 billion at 31 March 2021, an increase of SAR 2.7 billion, or 4.4%, from SAR 60.5 billion at 31 March 2020.

Total assets of SAR 271.6 billion at 31 March 2021, an increase of SAR 5.9 billion, or 2.2% from SAR 265.7 billion at 31 March 2020.

Earnings per share is SAR 0.47 remained stable compared to the corresponding period of the previous year.

Commenting on the first quarter 2021, Ms. Lubna Suliman Olayan, Board Chair of SABB said: “As the first quarter of 2021 drew to a close, we completed the last major milestone of the process of integrating SABB and Alawwal Bank - ‘Customer Day 1’ - the migration of our retail customers previously served through the Alawwal bank channels onto SABB’s infrastructure. So from March 14th onwards all of our customers - retail, corporate and institutional - are enjoying the same single, seamless quality experience, underpinned by SABB’s systems and infrastructure.

SABB’s financial performance remained resilient during a period of continued economic challenges posed by the persistence of the global pandemic and heightened competition domestically. Despite these challenges, our lending to customers grew, our funding, liquidity and capital levels remained strong, our costs stayed well controlled, and our cost of credit risk remained low.   Having delivered a positive return for shareholders in the first quarter, we shall continue to build and remain fully focused on executing our strategic plan and supporting the national economic transformation goals of Vision 2030.

The board remains excited about that strategic plan and its ambitious outcomes for our customers, shareholders, staff, and community.  As he nears his retirement in the second quarter of 2021, we are especially grateful to David Dew for his leadership of SABB over these many years, well positioning the bank to achieve those ambitious outcomes under the leadership of our new CEO, Tony Cripps. I have no doubt that under Tony’s leadership, combined with the support of our management team and board, SABB will deliver those outcomes. As we begin this second quarter, we remain grateful to our customers, management team, staff and shareholders for their continued support and commitment, and to our regulators and government ministries for their continued guidance and vision”.

-Ends-

About the Saudi British Bank (SABB):

The Saudi British Bank (SABB) is a licensed financial institution operating under The Saudi Central Bank "SAMA". supervision and control. SABB was established in 1978 as a Saudi joint stock company. SABB is an associate company of the HSBC Group.

SABB offers integrated financial and banking services including personal banking, corporate banking, investment, private banking and treasury. SABB paid-up capital is SAR 20.5 billion.

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