SABB reports profit for 9-month period

Khaled Olayan

The Saudi British Bank (SABB) recorded a net profit of SR3,248 million for the nine months ended Sept. 30.
This is a decrease of SR40 million or 1.2 percent compared to SR3,288 million during the period in 2016. SABB recorded a net profit of SR1,083 million for the three months ended Sept. 30, a decrease of SR46 million or 4.1 percent compared to the three months ended June 30, of SR1,129 million.
Operating income of SR5,389 million for the nine months ended Sept. 30, an increase of SR145 million, or 2.8 percent, compared to SR5,244 million for the same period in 2016.
Loans and advances amounted to SR116.7 billion as of Sept. 30, a decrease of SR9.2 billion, or 7.3 percent, from SR125.9 billion during the same period in 2016.
The bank recorded customers’ deposits of SR134.6 billion, a decline of SR9.5 billion, or 6.6 percent, as compared with SR144.1 billion during the same period in 2016.
SABB also reported a decrease of SR3.7 billion or 12.8 percent during the nine months ended Sept. 30, as compared to the same period in 2016. Investments stood at SR25.3 billion as of Sept. 30.
It reported total assets worth SR179.5 billion, a decrease of SR6.4 billion, or 3.4 percent from SR185.9 billion during the same period in 2016. Earnings per share remained SR2.17 compared to SR 2.19 for the same period in 2016.
Khaled Olayan, chairman of SABB, said: “During the third quarter of 2017, SABB has delivered a quality set of earnings under continued challenging macroeconomic conditions. The SABB Board and its management team remain dedicated to supporting customers and generating value for our shareholders through a focus on asset quality, optimal returns, and cost efficiency. SABB’s market-leading client solutions, strong risk management, success in attracting and developing local talent, strong capital, abundant liquidity, and a strategic advantage as the leading international bank in the Kingdom continue to serve as core strengths underpinning its current and future success. The Kingdom is undergoing a significant economic transformation and SABB is committed to supporting its customers and the Kingdom through this journey.”
He added: “I would like to thank our 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.”