Saudi British Bank reports profit of $749.4mln for 2019

SABB recorded a net profit of $239.6mln after zakat and income tax for the three months ended Dec. 31, 2019

  

The Saudi British Bank (SABB) recorded a net profit of SR2.812 million ($749 million) after zakat and income tax for the year ended Dec. 31, 2019.

This is an increase of SR114 million or 4.2 percent compared to SR2.698 billion for the year 2018.

SABB recorded a net profit of SR899 million after zakat and income tax for the three months ended Dec. 31, 2019, compared to the net loss of SR168 million after zakat and income tax for the three months ended Dec. 31, 2018.

The operating income for the year ended Dec. 31, 2019, was recorded at SR9.398 billion, an increase of SR2.075 billion, or 28.3 percent, compared to SR7.323 billion for the year 2018.

The loans and advances for the year ended Dec. 31, 2019 were estimated at SR154.7 billion, an increase of SR44.4 billion, or 40.3 percent, from SR110.3 billion for the year ended Dec. 31, 2018.

The customers’ deposits for 2019 amounted to SR192.2 billion, an increase of SR61.7 billion, or 47.3 percent, compared with SR130.5 billion in 2018.

The investments for the year ended Dec. 31, 2019, amounted to SR60.5 billion, an increase of SR25.9 billion, or 74.9 percent, from SR34.6 billion for the year ended Dec. 31, 2018.

The SABB and Alawwal Bank legally merged on June 16, 2019. SABB’s financial results for 2019 include the financial results of Alawwal Bank from the merger date onwards. Reported periods prior to the merger do not include the financial results of Alawwal Bank.

Lubna Olayan, chair of SABB, said: “2019 witnessed the historic merger of SABB and Alawwal Bank, uniting the legacies and resources of two of the oldest banks in the Kingdom. The greater scale, enhanced market leadership and efficient operating platform will reinforce our unique positioning as a leading financial institution in the Kingdom, enabling us to support Vision 2030 and to benefit from the many opportunities arising from this ambitious national economic growth agenda.

“The fourth quarter of 2019 represents the second full quarter of results since the legal merger and our financial performance was more reflective of the combined bank’s returns, albeit within the context of a challenging environment. Our net income before zakat and income tax of SR990 million was resilient, our balance sheet is robust and the bank is positioned to grow. We are pleased to announce a final dividend of SR0.60 per share demonstrating the strength of our position.”

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