RIYADH, 16 July 2003 — Saudi British Bank (SABB) announced yesterday a 16.1 percent increase in net profits in the first six months of 2003 over the same period last year.
The bank posted profits of SR565 million ($150.7 million) up to June 30, compared to SR486.7 million ($129.8 million) in the same period in 2002, the bank said in a statement. Earnings per share rose to $3.77 from last year’s $3.25. Total assets edged up 7.2 percent to SR47 billion ($12.5 billion) from SR43.8 billion ($11.7 billion) in the corresponding period in 2002. Customer deposits rose by 10.3 percent to $9.7 billion from $8.8 billion. Loans also increased by 25 percent to $6.2 billion from $4.96 billion last year.
SABB Managing Director Geoff Calvert said the “bank’s strong performance in the first six months of the year is especially encouraging given recent events in the region.”
