The Saudi British Bank (SABB) has recorded a net profit of SR1.036 billion for the quarter ended March 31.
This is a decrease of SR106 million or 9.3 percent compared to SR1.142 billion for the same period in 2016, and an increase of SR429 million or 70.7 percent compared to SR607 million for three months ended Dec. 31, 2016.
The bank posted an operating income of SR1.824 billion for the quarter ended March 31, 2017. This is an increase of SR28 million, or 1.6 percent, compared with SR1.796 billion for the same period in 2016.
The bank’s loans and advances to customers stood at SR119.5 billion on March 31, 2017 — a decrease of SR11.1 billion, or 8.5 percent, from SR130.6 billion at March 31, 2016. The bank’s customer deposits of SR141.6 billion at March 31 — a decrease of SR10.3 billion, or 6.8 percent — compared with SR151.9 billion at March 31, 2016.
The bank’s investment portfolio of SR23.8 billion at March 31 is a decrease of SR4.9 billion, or 17.0 percent, from SR28.7 billion at March 31, 2016.
Total assets fell by SR6.5 billion to SR185.3 billion at March 31 — a decrease of 3.4 percent from SR191.8 billion at March 31, 2016.
The bank’s earning per share is SR0.69 against SR0.76 per share for the corresponding quarter of the previous year.
Commenting on the results, Khaled Olayan, chairman of SABB, said: “The financial results reflect SABB’s ability to continue to generate value for shareholders even during challenging conditions, supported by a strong franchise, focused management team, quality risk management and a clear vision.”
He said: “Aligned with the Kingdom’s 2030 Vision and National Transformation Program 2020, SABB will focus on deploying capital efficiently, and maintaining a stable and strong funding base. Customer satisfaction levels and industry awards continue to recognize our position as the leading international bank in the Kingdom.”
The chairman thanked customers, staff and shareholders for their support and commitment.
“I would also like to express my sincere thanks and appreciation to our regulators and government ministries for their continued guidance and vision,” he said.
This is a decrease of SR106 million or 9.3 percent compared to SR1.142 billion for the same period in 2016, and an increase of SR429 million or 70.7 percent compared to SR607 million for three months ended Dec. 31, 2016.
The bank posted an operating income of SR1.824 billion for the quarter ended March 31, 2017. This is an increase of SR28 million, or 1.6 percent, compared with SR1.796 billion for the same period in 2016.
The bank’s loans and advances to customers stood at SR119.5 billion on March 31, 2017 — a decrease of SR11.1 billion, or 8.5 percent, from SR130.6 billion at March 31, 2016. The bank’s customer deposits of SR141.6 billion at March 31 — a decrease of SR10.3 billion, or 6.8 percent — compared with SR151.9 billion at March 31, 2016.
The bank’s investment portfolio of SR23.8 billion at March 31 is a decrease of SR4.9 billion, or 17.0 percent, from SR28.7 billion at March 31, 2016.
Total assets fell by SR6.5 billion to SR185.3 billion at March 31 — a decrease of 3.4 percent from SR191.8 billion at March 31, 2016.
The bank’s earning per share is SR0.69 against SR0.76 per share for the corresponding quarter of the previous year.
Commenting on the results, Khaled Olayan, chairman of SABB, said: “The financial results reflect SABB’s ability to continue to generate value for shareholders even during challenging conditions, supported by a strong franchise, focused management team, quality risk management and a clear vision.”
He said: “Aligned with the Kingdom’s 2030 Vision and National Transformation Program 2020, SABB will focus on deploying capital efficiently, and maintaining a stable and strong funding base. Customer satisfaction levels and industry awards continue to recognize our position as the leading international bank in the Kingdom.”
The chairman thanked customers, staff and shareholders for their support and commitment.
“I would also like to express my sincere thanks and appreciation to our regulators and government ministries for their continued guidance and vision,” he said.
