RIYADH, 19 April — The Saudi British Bank (SABB) recorded a net profit of SR196 million ($52 million) for the quarter ended March 31,2001. This represents an increase of 11.2 percent over the SR176 million ($47 million) earned during the same period last year. A statement released by Abdulaziz Al-Manie, senior manager, public affairs, at SABB, said here today that customer deposits increased to SR30.2 billion ($8.1 billion) as on March 31 this year from SR26.3 billion ($7 billion) for the same period last year. Loans and advances to customers at SR16.3 billion increased by SR0.9 billion from March 31,2000.
The statement said the total value of SABB’s investment portfolio shot up to SR18.3 billion during the period, up from SR13.1 billion as on March 31, 2000.
Total assets of SR40.8 billion at the end of March 31,2001 represented an increase of SR1.9 billion, or 4.8 percent, over the corresponding period of last year. Commenting on SABB’s quarterly results, David Hodgkinson, the managing director, said: “The initial signs of a global economic slowdown have not had an impact on the local economy and business levels have remained stable.
“The results for the first quarter of 2001 were achieved despite a decline in interest rates during the period, and the increase in operating income is encouraging. We thank our customers for their continued support and our staff for their dedicated efforts.”