SABB net profit up 10.4% to SR 1.95 bn

The Saudi British Bank (SABB) recorded a net profit of SR 1.95 billion for the six months ended June 30, 2013. This is an increase of SR 183 million or 10.4 percent compared to SR 1.77 billion for the same period in 2012. SABB recorded a net profit of SR 1.00 billion for the three months ended June 30, 2013, an increase of SR 57 million or 6 percent as compared to the three months ended March 31, 2013, which amounted to SR 948 million.
Operating income of SR 2.94 billion for the six month ended June 30, 2013 — an increase of SR 326 million, or 12.5 percent, compared with SR 2.61 billion for the same period in 2012.
Customer deposits of SR 125.9 billion at June 30, 2013 — an increase of SR 8.3 billion, or 7.1 percent, compared with SR 117.6 billion at June 30, 2012.
Loans and advances to customers of SR 106.0 billion at June 30, 2013 – an increase of SR 11.3 billion, or 11.9 percent, from SR 94.7 billion at June 30, 2012.
The bank’s investment portfolio totaled SR 30.8 billion at June 30, 2013, an increase of 10.8 percent compared with SR 27.8 billion at June 30, 2012.
Total assets were SR 161.9 billion at June 30, 2013, compared with SR 151.9 billion at June 30, 2012, an increase of 6.6 percent, or SR 10 billion.
Earning per share is SR 1.95 against SR 1.77 for the corresponding first half of the previous year.
Khaled Olayan, chairman of SABB, said: "SABB has recorded another strong financial performance for the six months ended June 30, 2013 supported by its diversified income streams and effective cost controls. SABB has continued to focus on booking quality business while preserving strong asset quality, capital and liquidity positions. We would again like to thank our customers for their continued support and our staff for their commitment and contribution to the bank's success."