This is an increase of SR535 million or 50.1 percent compared to SR1.07 billion for the same period in 2010 and SR101 million or 13.4 percent as compared to the quarter ended March 31, 2011.

SABB posted an operating income of SR2.57 billion for the first six months of this year — an increase of SR2 million or 0.1 percent — compared with SR2.57 billion for the same period in 2010.

Customer deposits of SR99.2 billion increased by SR5 billion or 5.3 percent at June 30, 2011 — compared with SR94.2 billion at June 30, 2010.

Loans and advances to customers of SR79.8 billion rose by 6.7 percent at the end of the first six months of this year from SR74.8 billion at June 30, 2010.

The bank’s investment portfolio totaled SR26.1 billion at June 30, 2011, an increase of 0.4 percent compared with SR26.0 billion at June 30, 2010.

Total assets rose to SR129.5 billion at the end of first six months this year, compared with SR120.3 billion at June 30, 2010. This is an increase of 7.6 percent or SR9.2 billion.

Earnings per share of SR2.14 also showed a sharp increase at the end of first six months of this year. The figure rose 50.7 percent from SR1.42 for the same period in 2010.

SABB Chairman Khaled Olayan said: “SABB has achieved strong profit growth with its robust and diversified operating income streams, cost containment measures and ongoing drive to book quality business.”

He said SABB continues to take a prudent view of provisioning whilst remaining focused on improving its customer service through investment in its infrastructure.

“We are committed to supporting our customers and seeking new opportunities for business growth,” he added.

“We thank our customers for their continued support and our staff for their commitment and contribution to the bank’s success.”