RIYADH, 15 October 2003 — The Saudi British Bank (SAAB) recorded a net profit of SR912 million ($243 million) for the nine-month period ended Sept. 30. This represents an increase of 24 percent over the SR736 million earned during the same period last year.
In a press release issued here, it said earnings per share jumped to SR22.80 compared to SR18.39 for the same period last year. Loans and advances to customers were higher at SR24.1 billion as on Sept. 30 this year, up from SR19.3 billion for the same period last year. The bank’s investment portfolio stood at SR19.6 billion, registering a small increase from SR19.4 billion for the reporting period.
Commenting on the bank’s performance, Geoff Calvert, managing director, said: “The Saudi British Bank has continued to build on its solid first-half performance. Operating revenues have continued to grow, particularly non-funds income that has benefited from buoyant local equity markets. Our capital and liquidity positions remain strong.”
The managing director said SABB put up a strong showing in its Al Amanah Islamic portfolio.