RIYADH, 14 April 2004 — The Saudi British Bank (SABB) recorded a net profit of SR359 million for the quarter ended March 31, 2004. This represents an increase of 30.3 percent over the SR276 million earned over the same period last year.
Earnings per share increased to SR7.18 compared to SR5.51 for the first quarter of 2003.
Customer deposits rose to SR37.2 billion during the reporting period, up from SR34.2 billion on March 31 last year.
Loans and advances to customers grew to SR27.2 billion, up from SR22.4 billion the previous year.
The bank’s investment portfolio stood at SR17.4 billion during the first quarter of this year, registering a decline from SR20.4 billion for the same quarter last year, as proceeds from sales and maturities were reallocated to meet the growth in the loan portfolio.
Geoff Calvert, managing director, said “The Saudi British Bank has made a strong start to 2004. Operating revenues are well above the same period in 2003 while at the same time operating costs have been contained.
Provisions for credit losses remain low reflecting the quality of our loan portfolio. Capital and liquidity positions remain strong.
“All areas of the bank are performing well. Demand for corporate and personal lending products remains strong, particularly for our Al Amanah Islamic banking products.
During the quarter, the bank launched a new Al Amanah Islamic deposit product, ‘Murabaha Investment Account’, which has been well received by the market,” he added.
