RIYADH: The Saudi British Bank (SABB) recorded a net profit of SR2.03 billion for the year ended Dec. 31, 2009 — down SR888 million, or 30.4 percent, compared with SR2.92 billion for the same period in 2008. Net special commission income increased by SR230 million, or 7.2 percent, compared with the same period in 2008, reflecting higher average asset balances and improved margins.

Earnings per share of SR2.71 for the year ended Dec. 31 was down 30.4 percent from SR3.89 for the same period in 2008. Earnings per share for the year ended Dec. 31, 2008 have been adjusted to reflect a 1:4 bonus issue approved at an extraordinary general meeting held on March 10, 2009 and reflected in the share register as at close of business on the same day.

“SABB’s continued strong operating income and control over costs have enabled the bank to report encouraging profits for the year ended Dec. 31, 2009,” Richard Groves, managing director of the bank said. However, he added that the decreased net profits compared to the net profits of last year are mainly due to the increase in the provisions in line with bank’s continued conservative policy to enhance its financial position.

Net profit of SR26 million for the three months ended Dec. 31, 2009 — down SR631 million compared with SR657 million for the same period in 2008 and down SR544 million compared with SR570 million for the three months ended Sept. 30, 2009.

Operating income of SR5,160 million for the year ended Dec. 31, 2009 was up SR248 million, or 5.0 percent, compared with SR4,912 million for the same period in 2008. Customer deposits of SR89.2 billion at Dec. 31, 2009 — down SR3.5 billion, or 3.8 percent, compared with SR92.7 billion at Dec. 31, 2008.

Loans and advances to customers of SR76.4 billion at Dec. 31, 2009 were down SR3.8 billion, or 4.7 percent, from SR80.2 billion at Dec. 31, 2008. The bank’s investment portfolio totaled SR23.8 billion at Dec.31, 2009 compared with SR29.6 billion at Dec. 31, 2008. Total assets of SR126.8 billion at Dec. 31, 2009 were down SR4.9 billion, or 3.7 percent, from previous year.