This is a reduction of SR139 million, or 18.3 percent, compared with SR760 million for the same period in 2009, and an increase of 2,288 percent compared to the SR26 million profit made in the three months to end on Dec. 31, 2009.
Net special commission income decreased by SR111 million or 12.6 percent, compared with the same period in 2009, reflecting a contraction in average asset balances.
The bank's operating income for the quarter ending March 31 was of SR1,205 million -- a reduction of SR81 million, or 6.3 percent, compared with SR1,286 million for the same period in 2009.
Earnings per share were SR0.83 -- a reduction of 17.8 percent from SR1.01 for the same period in 2009.
Customer deposits were SR90 billion, a reduction of 6.8 percent (SR6.6 billion) from SR96.6 billion for the same period in 2009.
Loans and advances to customers stood at SR75.7 billion. This was a reduction of 4.5 percent (SR3.6 billion) from SR79.3 billion for the same period in 2009.
The bank's investment portfolio totaled SR22.4 billion, a decrease of 13.5 percent from SR25.9 billion for the corresponding period in 2009.
Total assets were valued at SR120.5 billion, compared with SR132.6 billion for the same period in 2009. This was a reduction of 9.1 percent or SR12.1 billion.
"I am pleased to report we continue to diversify our income streams, whilst remaining vigilant about cost growth," said SABB Chairman Khaled Olayan.
"SABB continues to take a prudent view of provisioning, whilst remaining focused on improving our service propositions to our customers through our investment in SABB's infrastructure and affiliates. We are committed to supporting our customers and seeking new opportunities for business growth.
"We thank our customers for their continued support and our staff for their commitment and contribution to the bank's success," Olayan added.
