RIYADH, 10 July — The Saudi British Bank has reported a net profit of SR486.7 million ($129.8 million) for the six months ended June 30. This represents a 15.2 percent increase over the SR422.5 million ($112.7 million) earned during the same period in 2001. Earnings per share increased to SR12.17 compared to SR10.56 for the same period last year.
In a press release issued today, the bank said customer deposits increased to SR33.1 billion during the reporting period, up from SR16.1 billion as on June 30 last year as personal credit growth remained robust and growth in corporate credit was achieved.
The bank’s investment portfolio totaled SR21.5 billion, a small increase from SR21.4 billion over the corresponding period last year.
Commenting on the bank’s performance, David Hodgkinson, managing director, said: “Our results for the first six months are encouraging. Operating revenues, excluding gains on investments, continue to grow despite the low interest environment. While operating costs were contained, our capital and liquidity ratios remain sound.”
He added: “Our Al Amanah range of Islamic banking products has been well received. We now have three branches dedicated to this area, in addition to 17 outlets which also provide Al Amanah banking services.”
He said earlier this year the bank’s mutual funds won 14 awards, including nine first places, at the annual Investment Fund Awards presentation.
One of the awards was for the Best Overall Fund Manager for the one-year category in 2001.
Assets under management at 30 June 2002 amounted to SR5.4 billion, 40 percent higher than at June 30.
Hodgkinson said the bank has approved payment of a net interim dividend of SR8 per share (gross dividend SR8.31 per share). This will result in a total gross interim dividend payout of SR332.4.