The Saudi British Bank (SABB) recorded a net profit of SR1.115 billion for the quarter ended March 31, 2015.

This is an increase of SR34 million or 3.2 percent compared to SR1.081 billion for the same period in 2014, and an increase of SR146 million or 15.0 percent compared to SR969 million for three months ended Dec. 31 2014.

Operating income of SR1.717 billion for the quarter ended March 31, 2015 — an increase of SR96 million, or 5.9 percent, compared with SR1.621 billion at March 31, 2014.

Loans and advances to customers of SR120.4 billion at March 31, 2015 — an increase of SR10.5 billion, or 9.6 percent, from SR109.9 billion at March 31, 2014.

Customer deposits of SR149.0 billion at March 31 2015 — an increase of SR12.0 billion, or 8.8 percent, compared with SR137.0 billion at March 31 2014.

The bank’s investment portfolio of SR47.3 billion at March 31, 2015 — an increase of SR9.2 billion, or 24.0 percent, from SR38.1 billion at March 31 2014.

Total assets increased by SR14.8 billion to SR190.2 billion at March 31 2015 — an increase of 8.4 percent from SR175.4 billion at March 31 2014.

Earnings per share is SR0.74 against SR0.72 (adjusted for bonus share issuance in the ratio of 1:2) for the corresponding quarter of the previous year.

Commenting on the results, Sheikh Khaled Olayan, chairman of SABB, said: “The solid financial results reflect SABB’s consistent focus on revenue growth and risk management in line with our strategic objectives.”

The chairman said: “SABB’s customer satisfaction levels and industry awards reflect our leading international bank position. SABB’s strong capital and liquidity position, together with strong credit ratings, continue to support our growth strategy and our ability to enhance shareholder value as business opportunities arise.”

Sheikh Khaled said: “We would like to thank our customers, staff members and shareholders for their continued support and commitment. We would also like to express our thanks and appreciation to our regulators and government ministries for their continued guidance and vision.”