SABB reports profit of SAR 1,913 million for the nine months period ended 30 September 2019

This is a decrease of SAR 954 million or 33.3 % compared to SAR 2,867 million for the same period in 2018

  
SABB reports profit of SAR 1,913 million for the nine months period ended 30 September 2019

The Saudi British Bank “SABB” recorded a net profit after zakat and taxes of SAR 1,913 million for the nine months ended 30 September 2019. This is a decrease of SAR 954 million or 33.3 % compared to SAR 2,867 million for the same period in 2018. SABB recorded a net profit after zakat and taxes of SAR 1,061 million for the three months ended 30 September 2019, a decrease of SAR 1 million or 0.09% compared to the three months ended 30 September 2018 of SAR 1,062 million.

Operating income of SAR 6,530 million for the nine months ended 30 September 2019, an increase of SAR 1,038 million, or 18.9%, compared to SAR 5,492 million for the same period in 2018.

Loans and advances to customers of SAR 152.5 billion at 30 September 2019, an increase of SAR 40.4 billion, or 36.0%, from SAR 112.1 billion at 30 September 2018.

Customers’ deposits of SAR 183.4 billion at 30 September 2019, an increase of SAR 54.1 billion, or 41.8%, compared with SAR 129.3 billion at 30 September 2018.

The bank’s investment portfolio of SAR 58.7 billion at 30 September 2019, an increase of SAR 24.8 billion, or 72.9%, from SAR 34.0 billion at 30 September 2018.

Total assets of SAR 257.9 billion at 30 September 2019, an increase of SAR 82.8 billion, or 47.3% from SAR 175.0 billion at 30 September 2018.

Earnings per share is SAR 1.12 compared to SAR 1.91 for the corresponding period of the previous year.

Commenting on the results, Lubna Sulaiman Olayan, Chairman of SABB, said “The third quarter of 2019 represents the first full quarter since the legal completion of our ground-breaking merger of SABB and Alawwal banks on 16th June 2019. Since that date the Board and the management team have continued the journey to unite the two organisations around a common strategy, customer base, and values set. The new Board has met on two occasions to date to discuss strategy, culture, branding, talent development, integration, and maintaining our high standards of customer experience and risk management. I am enthused by the level of commitment and focus amongst the Board and the management team. We clearly have appropriately high aspirations for the future.

Our financial performance in the third quarter was more reflective of the merged Bank’s current returns as it included a full quarter of business returns and did not repeat the one off merger-related accounting we reported in the second quarter. Credit losses were lower as expected, the temporary cost of integration increased in line with plan, growth remained challenging in the current economic environment, and the pressure of a declining cycle in interest rates began to be felt. Nevertheless, SABB generated a solid return for the period to support capacity to lend and capacity to distribute dividends. The Bank remains strong, profitable, and well positioned.

I would like to thank our customers, shareholders, management team and our longstanding global partner, HSBC, for their continued support and commitment; as well as our regulators and government agencies for their vision and guidance.”

-Ends-

© Press Release 2019

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