RIYADH: SABB recorded a net profit of SR2.26 billion ($603 million) for the nine months ended Sept. 30, 2008, up SR361 million ($96 million), or 19 percent, compared with SR1.90 billion ($507 million) during the same period in 2007.
“These results demonstrate the bank’s commitment to providing consistent and sustainable results by carefully balancing our risk and growth appetite,” SABB Managing Director John Coverdale said in a statement issued yesterday. He pointed out that the bank had no significant exposure to the US subprime mortgage market which would have an adverse impact on these results. He also thanked SABB customers for their continued support and its staff for their commitment and contribution to the bank’s success.
According to the statement, a net profit of SR711 million ($190 million) for the three months ended Sept. 30, 2008 was realized — up SR60 million ($16 million), or 9.2 percent, compared with SR651 million ($174 million) for the same period in 2007.
Earnings per share of SR3.77 ($1.01) for the nine months — up 19 percent from SR3.17 ($0.85) for the same period in 2007. Earnings per share for the nine months have been adjusted to reflect a 3:5 bonus issue approved at an extraordinary general meeting held on April 27.
