RIYADH, 15 July 2004 — The Saudi British Bank (SABB) recorded a net profit of SR830 million ($221 million) for the six months ended June 30. This represents an increase of 46.8 percent over the SR565 million ($151 million) earned in the same period last year. Earnings per share increased to SR16.60 ($4.43) compared to SR11.30 ($3.01) for the same period last year.
Customer deposits increased to SR39.3 billion at June 30, from SR36.5 billion for the same period last year.
Loans and advances to customers increased to SR28 billion from SR23.3 billion at June 30, 2003.
The bank’s investment portfolio totaled SR15.4 billion, a decrease from SR19.6 billion ($5.2 billion) at the same period last year, as proceeds from maturing investments have been reinvested in the loan portfolio.
Geoff Calvert, managing director, said: “The bank has maintained its strong start to 2004. Operating revenues continue to grow strongly, especially non-funds income which has benefited from record volumes in the local equity markets. Overheads remain in line with our expectations. Provisions for credit losses remain well below the same period in 2003 reflecting the quality of our loan portfolio. Capital and liquidity positions remain strong.
“All areas of the bank are performing well and customer satisfaction levels remain high. We continue to look for new opportunities to enhance our service and product offerings.”
The directors have approved the payment of a net interim dividend of SR9.00 per share (gross dividend of SR9.41 per share). This represents a total gross interim dividend payment of SR470.5 million, an increase of 25.8 percent compared to the same period last year.
