The Saudi British Bank (SABB) recorded a net profit of SR3.24 billion for the year ended Dec. 31, 2012. This is an increase of SR352 million, or 12.2 percent, compared to SR2.89 billion for the same period in 2011.

SABB recorded a net profit of SR815 million for the three months ended Dec. 31, 2012, an increase of SR160 million, or 24.3 percent, as compared to the three months ended Sept. 30, 2012, which amounted to SR656 million.

Operating income was SR5.17 billion for the year ended Dec. 31, 2012, an increase of SR268 million, or 5.5 percent, compared with SR 4.90 billion for the same period in 2011.

Customer deposits were SR120.4 billion at Dec. 31, 2012, an increase of SR 14.8 billion, or 14.1 percent, compared with SR105.6 billion at Dec. 31, 2011.

Loans and advances to customers were SR96.1 billion at Dec. 31, 2012, an increase of SR11.3 billion, or 13.3 percent, from SR84.8 billion at Dec. 31, 2011.

The bank’s investment portfolio totaled SR27.6 billion at Dec. 31, 2012, an increase of 24.3 percent compared with SR22.2 billion at Dec. 31, 2011.

Total assets were SR156.7 billion at Dec. 31, 2012, compared with SR138.7 billion at Dec. 31, 2011, an increase of 13.0 percent or SR18.0 billion.

Earnings per share is SR3.24 for the year ended Dec. 31, 2012 against SR2.89 (adjusted to bonus share issue 1 for 3 shares as a result of the bank’s capital increased to SR10.0 billion) for the same period last year.

SABB Chairman Khaled Olayan said: "SABB’s strategy of diversifying its income streams and controlling its costs effectively ensured another strong financial performance in 2012. SABB has continued to focus on strong asset quality while maintaining healthy capital and liquidity positions. We thank our customers for their continued support and our staff for their commitment and contribution to the bank's success."