RIYADH, 17 October — The Saudi British Bank (SABB) has recorded a net profit of SR639 million ($170 million) for the nine months ended Sept. 30, 2001. This represents a 14.1 percent increase over the SR560 million ($149 million) earned in the same period last year.
In an announcement, Abdulaziz Al Manie, senior manager, public affairs department at SABB, said customer deposits increased to SR29.8 billion on Sept. 30, 2001, up from SR27.6 billion during the same period last year, despite the continuing decline in interest rates.
Loans and advances to customers increased to SR16.5 billion on Sept. 30, 2001 from SR15.7 billion for the corresponding period of last year. There has been a slow pick-up in demand for commercial credit, while the bank’s personal lending portfolio recorded steady growth.
During the first nine months of this year, the bank continued to deploy available liquidity in a diversified investment portfolio. As a result, the total value of the bank’s investment portfolio increased to SR22 billion from SR17.8 billion during the reporting period.
Commenting on the bank’s performance, David Hodgkinson, SABB’s managing director said: "Recent events have made the immediate economic outlook less certain, although the future prospects for Saudi Arabia remain positive. The bank’s business outlook also remains positive and our capital and liquidity ratios are strong."
Hodgkinson continued: "We have been encouraged by the success of our increased range of products and services, including the recently launched Home Purchase Finance. These are designed to meet the more sophisticated needs of customers, and are delivered efficiently through traditional distribution channels as well as by electronic means."