RIYADH: The Saudi British Bank (SABB) recorded a net profit of SR2.92 billion for the year ended Dec. 31, 2008, up SR313 million or 12.0 percent compared with SR2.61 billion in 2007.
Net special commission income increased by SR148 million or 4.8 percent driven by higher volumes. Non-funds income grew by SR390 million, or 29.6 percent, reflecting strong performance from SABB’s card, account management and trade related businesses.
Net profit of SR657 million for the three months ended Dec. 31, 2008 — down SR48 million, or 6.8 percent, compared with SR705 million for the same period in 2007.
Earnings per share of SR4.87 for the year ended Dec. 31, 2008 — up 12 percent from SR4.34 in 2007. Earnings per share for the year ended Dec. 31, 2007, have been adjusted to reflect a 3:5 bonus issue approved at an extraordinary general meeting held on April 27, 2008.
Operating income of SR4.91 billion for the year ended Dec. 31, 2008 — up SR538 million, or 12.3 percent, compared with SR4.37 billion in 2007.
Customer deposits of SR92.7 billion at Dec. 31, 2008 — up SR20.9 billion, or 29.1 percent, compared with SR71.8 billion at Dec. 31, 2007.
Loans and advances to customers of SR80.2 billion at Dec. 31, 2008 — up SR18.2 billion, or 29.4 percent, from SR62 billion at Dec. 31, 2007.
The bank’s investment portfolio totaled SR29.6 billion at Dec. 31, 2008, compared with SR14.9 billion at Dec. 31, 2007.
Total assets of SR131.7 billion at Dec. 31, 2008 — up SR33.5 billion, or 34.1 percent, over Dec. 31, 2007.
John Coverdale, managing director of SABB, said: “Despite 2008 being a difficult year for the financial services industry, I am pleased to report that SABB has delivered a 12 percent increase in net profit over 2007. This sustained performance has been achieved by SABB’s continued focus on core banking activities, supported by the underlying fundamental strength of the Saudi economy. The quality of our asset book remains strong, with loan growth being fully funded by increased customer deposits. Surplus deposits raised have been invested in accordance with our conservative investment policy.”
