JEDDAH, 16 April 2008 — SABB recorded a net profit of SR757 million for the three months ended 31 March 2008, up SR141 million or 22.8 percent, compared with SR616 million for the same period in 2007, and a 7.4 percent increase compared with the fourth quarter of 2007. SABB has achieved profit growth in each of the last five quarters.
Earnings per share for the first three months of 2008 were SR2.02 against SR1.64 for the same period in 2007.
Operating income also increased 15.9 percent. It was registered at SR1,191 million — up from SR1,028 million of the same period last year.
Customer deposits were SR78.4 billion. Last year in the same period the figure was SR59.8 billion which means the bank gained 31.1 percent on this front.
Loans and advances to customers stood at SR66.6 billion — up from SR42.7 billion, or 56 percent more.
John Coverdale, managing director of SABB, said: “SABB’s first quarter 2008 results are very encouraging and continue to build upon the strong core business foundations that we have established. Robust deposit inflows during the quarter have been more than sufficient to support the quality loan growth and expansion of our investment portfolio. Our investment strategy continues to focus on Saudi government bonds, treasury bills and investment grade instruments which has largely protected our shareholders from the global problems surrounding Structured Investment Vehicles (SIVs) and sub-prime Collateralised Mortgage Obligations (CMOs).
