RIYADH, 13 October 2004 — The Saudi British Bank (SABB) recorded a net profit of SR1.234 billion ($329 million) for the first nine months of 2004. This represents an increase of 35.4 percent over the SR912 million ($243 million) earned in the same period in 2003. Earnings per share increased to SR24.68 compared to SR18.24 for the same period last year.
Customer deposits increased to SR39.4 billion from SR36.3 billion ($9.7 billion).
Loans and advances to customers were higher at SR29.5 billion from SR24.1 billion ($6.4 billion) a year ago.
The bank’s investment portfolio totaled SR14.9 billion, a decrease from SR19.6 billion a year ago, as proceeds from maturing investments have been reinvested in the loan portfolio.
Geoff Calvert, managing director of The Saudi British Bank, said: “Our results for the nine-month period reflect our strong customer base and banking franchise. Operating revenues, especially non-funds income, are well above the same period in 2003 and overheads have been contained. Our loan portfolio remains sound and this is reflected in the low provision for credit losses. Capital and liquidity positions remain strong.”