RIYADH, 12 July 2006 — SABB, which is 40 percent owned by HSBC, said yesterday its first-half net profit rose 50.8 percent to SR1.809 billion ($482 million) on the same period a year ago. But on a quarterly basis, the announcement means SABB’s net profit in the second quarter of 2006 rose by less than 11 percent to SR823 million, against SR744 million for the same period last year.