SABB reports profit of SAR 1,889mln for the six-months period ended 30 June 2021

This is an increase of SAR 7,785 million or 132% compared to the loss of SAR 5,896 million for the same period in 2020

  
Lubna Olayan

Lubna Olayan

The Saudi British Bank (“SABB”) recorded a net profit after Zakat and income tax of SAR 1,889 million for the six months ended 30 June 2021. This is an increase of SAR 7,785 million or 132% compared to the loss of SAR 5,896 million for the same period in 2020.

Operating income of SAR 3,984 million for the six months ended 30 June 2021, a decrease of SAR 703 million, or 15%, compared to SAR 4,687 million for the same period in 2020.

Loans and advances of SAR 161.4 billion at 30 June 2021, an increase of SAR 8.5 billion, or 5.6%, from SAR 152.9 billion at 30 June 2020.

Customers’ deposits of SAR 186.8 billion at 30 June 2021, a decrease of SAR 1.5 billion, or 0.8%, compared with SAR 188.4 billion at 30 June 2020.

Investments of SAR 65.1 billion at 30 June 2021, an increase of SAR 1.1 billion, or 1.7%, from SAR 64 billion at 30 June 2020.

Total assets of SAR 272.9 billion at 30 June 2021, an increase of SAR 5.9 billion, or 2.2% from SAR 266.9 billion at 30 June 2020.

Earnings per share is SAR 0.92 compared to SAR (2.87) for the corresponding period of the previous year.

Commenting on the second quarter 2021, Ms. Lubna Suliman Olayan, Board Chair of SABB said: “

SABB’s performance in the second quarter of 2021 builds on the progress made in the first quarter of the year, as we continue the implementation of our five-year strategic plan. With integration successfully behind us, our focus turns to growth and continuing our support for the economic transformation goals of Vision 2030.

I was especially pleased to see Global Finance Magazine recognize SABB as ‘Saudi Arabia’s Best Bank 2021’, further demonstrating a positive industry view of SABB’s strength as a single integrated entity.

SABB today is a stronger bank - our core financial fundamentals remain strong as we posted a third consecutive quarter of loan growth and continued to build momentum with synergy realisation, robust cost management and a lower cost of credit risk. In addition, capital levels remain healthy, and funding and liquidity levels strong.

We certainly appreciate the confidence our customers continue to have in us as their bank of choice. And I would also like to express thanks and gratitude for the hard work and dedication of our staff, senior management and Board members, as they strive to ensure that we continue to deliver the very high level of service our customers expect from us, while strategically guiding us through these persistently challenging and uncertain times. We would not be where we are today without the dedication of our management and employees and the continued support and guidance of our regulators.

-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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