RIYADH, 28 January 2004 — The Saudi British Bank (SABB), according to a press release, has recorded a net profit of SR1.258 billion ($335 million) for the year 2003.
This is an increase of 29.4 percent over the SR972 million ($259 million) profit in 2002. Earnings per share for 2003 increased to SR31.45 compared to SR24.31 for 2002.
Customer deposits increased to SR36.1 billion ($9.6 billion) at the end of 2003 compared to SR35.0 billion ($9.3 billion) at the end of 2002.
Loans and advances to customers were SR26.1 billion during 2003, up from SR20.4 billion in 2002.
The bank’s investment portfolio totaled SR16.0 billion on Dec. 31 2003, a decrease from SR20.4 billion on Dec. 31, 2002. Proceeds from sales and maturities were reallocated to meet the growth in the loan portfolio.
Geoff Calvert, managing director of SABB, said, “Growth in operating revenues has been robust and operating costs have been contained.
Capital and liquidity positions remain strong; the credit quality of our loan portfolio remains sound. All our banking services continue to show solid growth. Demand for our Al Amanah Islamic banking products has been strong and we have successfully expanded the product range. In 2003, the bank received Euromoney awards for the ‘Best Bank’ and the ‘Best Equities House’ in Saudi Arabia.”
He added that the board had recommended a bonus issue of one share for every four and a final net dividend of SR11 per share.
The total net dividend for 2003 will amount to SR20 per share as an interim net dividend of SR9 per share was paid in August last year. The bonus shares issued, however, will not be eligible for dividends disbursed last year.