SABB reports profit of SR2,471m

SABB reports profit of SR2,471m
Sheikh Khaled Olayan
Updated 29 July 2018

SABB reports profit of SR2,471m

SABB reports profit of SR2,471m

The Saudi British Bank (SABB) recorded a net profit of SR2,471 million ($658.76 million) for the six months ending June 30, 2018. This is an increase of SR306 million or 14.1 percent compared to SR2,165 million for the same period in 2017.
SABB recorded a net profit of SR1,432 million for the three months ended June 30, 2018, an increase of SR303 million or 26.8 percent compared to SR1,129 million in the three months ended June 30, 2017.
The operating income was SR3,653 million for the six months ended June 30, 2018, an increase of SR28million, or 0.8 percent, compared to SR3,625 million for the same period in 2017.
The loans and advances to customers were SR113.4 billion on June 30, 2018, a decrease of SR4.5 billion, or 3.8 percent, from SR117.9 billion on June 30, 2017.
The customers’ deposits were SR132.9 billion on June 30, 2018, a decrease of SR5.4 billion, or 3.9 percent, compared with SR138.3 billion on June 30, 2017.
The bank’s investment portfolio was SR32.3 billion on June 30, 2018, an increase of SR11 billion, or 51.6 percent, from SR21.3 billion on June 30, 2017.
There were total assets of SR183 billion on June 30, 2018, an increase of SR0.5 billion, or 0.3 percent from SR182.5 billion on June 30, 2017.
The earnings per share were SR1.65 compared to SR1.44 for the corresponding period of the previous year.
Sheikh Khaled Olayan, chairman of SABB, said: “As the leading international bank in the Kingdom, SABB continued to contribute to the national economic transformation agenda while growing shareholder value through resilient financial results for the first half of 2018. The bank remains well capitalized and highly liquid to support future growth.”