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Net profit of SR657m ($175m) for the three months ended 31 December 2008 - down SR48m ($13m), or 6.8%, compared with SR705m ($188m) for the same period in 2007.
Earnings per share of SR4.87 ($1.30) for the year ended 31 December 2008 - up 12.0% from SR4.34 ($1.16) in 2007. Earnings per share for the year ended 31 December 2007 have been adjusted to reflect a 3:5 bonus issue approved at an Extraordinary General Meeting held on 27April 2008.
Operating income of SR4,912m ($1,310m) for the year ended 31 December 2008 - up SR538m ($143m), or 12.3%, compared with SR4,374m ($1,166m) in 2007.
Customer deposits of SR92.7bn ($24.7bn) at 31 December 2008 - up SR20.9bn ($5.6bn), or 29.1%, compared with SR71.8bn ($19.1bn) at 31 December 2007.
Loans and advances to customers of SR80.2bn ($21.4bn) at 31 December 2008 - up SR18.2bn ($4.9bn), or 29.4%, from SR62.0bn ($16.5bn) at 31 December 2007.
The bank's investment portfolio totalled SR29.6bn ($7.9bn) at 31 December 2008 compared with SR14.9bn ($4.0bn) at 31 December 2007.
Total assets of SR131.7bn ($35.1bn) at 31 December 2008 - up SR33.5bn ($8.9bn), or 34.1%, over 31 December 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 12.0% 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."
"We thank our customers for their continued support and our staff for their commitment and contribution to the bank's success," he added.
Posted by Siba Sami Ammari
