RIYADH: The Saudi British Bank (SABB) recorded a net profit of SR 2.43 billion for the nine months ended Sept. 30. This is an increase of SR 192 million or 8.6 percent compared to SR 2.23 billion for the same period in 2011. SABB recorded a net profit of SR 656 million for the three months ended Sept. 30, a decrease of SR 259 million or 28.3 percent as compared to the three months ended 30 June 2012, which amounted to SR 915 million.

Operating income of SR 3.94 billion for the nine months ended Sept. 30, an increase of SR 161 million, or 4.3 percent, compared with SR 3.78 billion for the same period in 2011.

Customer deposits were SR 119.7 billion at Sept. 30 September 2012, an increase of SR 18.9 billion, or 18.8 percent, compared with SR 100.8 billion at Sept. 30, 2011.

Loans and advances to customers were SR 97.8 billion at Sept. 30, 2012, an increase of SR 15.4 billion, or 18.8 percent, from SR 82.4 billion at Sept. 30, 2011.

The bank’s investment portfolio totaled SR 29.3 billion at Sept. 30, 2012, an increase of 21.9 percent compared with SR 24.1 billion at Sept. 30, 2011.

Total assets were SR 156.2 billion at Sept. 30, 2012, compared with SR 131.9 billion at Sept. 30, 2011, an increase of 18.4 percent or SR 24.3 billion.

Earnings per share is SR 2.42 for the nine months ended Sept. 30, 2012 against SR 2.23 (adjusted to bonus share issue 1 for 3 shares as a result of the bank’s capital increase to SR 10 billion for the corresponding period of the previous year.

Khaled Olayan, chairman of SABB, said: “SABB’s strategy of diversifying its income streams and controlling its costs effectively ensured a strong financial performance for the nine months ended Sept. 30, 2012.”