RIYADH, 19 January 2005 — The Saudi British Bank (SABB) recorded a net profit of SR1.636 billion ($436 million) for the year ended Dec. 31. This represents an increase of 30 percent over the SR1.258 billion ($335 million) earned in 2003. Earnings per share increased to SR32.72 ($8.72) compared to SR25.16 ($6.70) for 2003.
Customer deposits increased to SR44.7 billion on Dec. 31 last year from SR36.1 billion over the corresponding period in 2003. Loans and advances to customers increased to SR31.6 billion last year from SR26.1 billion in 2003. The bank’s investment portfolio stood at SR14.7 billion last year, a decrease from SR16.0 billion in 2003.
Commenting on the bank’s performance, Geoff Calvert, managing director, said: “These results for 2004 reflect the bank’s strong market position and our ability to provide a full range of quality products and services to meet our customers’ needs.
“Operating revenues, especially non-funds income, had a very good year benefiting from a buoyant economy and equity market. Overheads have been contained in line with our expectations and our cost: income ratio has continued to improve. Our loan portfolio remains sound. This is reflected in low levels of non-performing loans and a low charge for credit losses. Capital and liquidity positions remain strong.
“All areas of the bank have performed well. In particular, there has been strong demand for our Al Amanah Islamic banking range of products. For the second consecutive year the bank received the Euromoney award for the ‘Best Bank in the Kingdom of Saudi Arabia’. The directors have recommended a final net dividend of SR10 per share. The total net dividend for 2004 will amount to SR19 per share as an interim net dividend of SR9 per share was paid in July 2004,” he added.
