The Saudi British Bank announces first quarter 2003 results

This represents an increase of 17.4 per cent over the SAR235 million (US$63 million) earned in the same period in 2002. Earnings per share increased to SAR6.89 (US$1.84) compared to SAR5.87 (US$1.57) for the first quarter of 2002.

Customer deposits increased to SAR34.2 billion (US$9.1 billion) at 31 March 2003 from SAR32.1 billion (US$8.6 billion) at 31 March 2002.

Loans and advances to customers were higher at SAR22.4 billion (US$6.0 billion) at 31 March 2003 from SAR17.3 billion (US$4.6 billion) at 31 March 2002.

Investments decreased to SAR20.4 billion (US$5.4 billion) at 31 March 2003 from SAR22.0 billion (US$5.9 billion) at 31 March 2002, as the proceeds from maturing investments were used to meet the strong growth in loans and advances.

David Hodgkinson, managing director, said: "The Saudi British Bank has made a strong start to 2003. Growth in operating revenues has been maintained despite interest rates being at historic lows and the current regional difficulties. At a time of great uncertainty in world markets, our bank is in a strong position to face these unique challenges. Our capital and liquidity ratios remain sound.

"The highlight of the first quarter was undoubtedly the successful completion of the IPO for the Saudi Telecommunications Company for which the bank was the appointed flotation manager. The issue raised SAR36.5 billion and was 3.5 times oversubscribed. Over 32 per cent of the applications by value were made through SABB.

"We continue to see an increase in take up of banking services from both personal and corporate customers, as the range and features of products are expanded.

"In line with the Kingdom's saudisation objective, the bank is proud to have been awarded the Prince Naif Saudisation Award in recognition of our efforts towards this strategic goal.

"Finally I would like to thank our customers for their continued support, and our staff for their commitment and contribution to the bank's success."