SABB profit up 10.4% to SR 1.77 bn

The Saudi British Bank (SABB) recorded a net profit of SR 1.77 billion for the six months ended June 30, 2012. This is an increase of SR 166 million or 10.4 percent compared to SR 1.60 billion for the same period in 2011. SABB recorded a net profit of SR 915 million for the three months ended June 30, 2012, an increase of SR 61 million or 7.1 percent as compared to the three months ended March 31, which amounted to SR 854 million.

Operating income was SR 2.61 billion for the six months ended June 30, 2012, an increase of SR 45 million, or 1.8 percent, compared with SR 2.57 billion for the same period in 2011.

Customer deposits were SR 117.6 billion at June 30, 2012, an increase of SR 18.4 billion, or 18.6 percent, compared with SR 99.2 billion at June 30, 2011. Loans and advances to customers were SR 94.7 billion at June 30, 2012, an increase of SR 14.9 billion, or 18.7 percent, from SR 79.8 billion at June 30, 2011.

The bank's investment portfolio totaled SR 27.8 billion at June 30, 2012, an increase of 6.8 percent, compared with SR 26.1 billion at June 30, 2011. Assets totaled SR 151.9 billion at June 30, 2012, compared with SR 129.5 billion at June 30, 2011, an increase of 17.3 percent or SR 22.4 billion.

Earnings per share is SR 1.77 for the six months ended June 30, 2012, against SR 1.60 (adjusted to bonus share issue 1 for 3 shares as a result of the bank's capital increase from SR 7.5 billion to SR 10 billion) for the corresponding period of the previous year.

Khaled Olayan, chairman of SABB, said: "SABB has recorded another strong financial performance for the six months ended June 30, 2012, supported by its diversified income streams and effective cost controls. SABB has continued to focus on booking quality assets and maintaining balance sheet growth while preserving strong asset quality, capital and liquidity positions."

"We thank our customers for their continued support and our staff for their commitment and contribution to the bank's success," he added.