The Saudi British Bank announces third quarter 2004 results

This represents an increase of 35.4 per cent over the SAR912 million (US$243 million) earned in the same period in 2003. Earnings per share increased to SAR24.68 (US$6.58) compared to SAR18.24 (US$4.86) for the same period last year.

Customer deposits increased to SAR39.4 billion (US$10.5 billion) at 30 September 2004 from SAR36.3 billion (US$9.7 billion) at 30 September 2003.

Loans and advances to customers were higher at SAR29.5 billion (US$7.9 billion) at 30 September 2004 from SAR24.1 billion (US$6.4 billion) at 30 September 2003.

The bank's investment portfolio totalled SAR14.9 billion (US$4.0 billion) at 30 September 2004, a decrease from SAR19.6 billion (US$5.2 billion) at 30 September 2003, as proceeds from maturing investments have been reinvested in the loan portfolio.

Geoff Calvert, managing director of The Saudi British Bank, said: "Our results for the nine month period reflect our strong customer base and banking franchise. Operating revenues, especially non-funds income, are well above the same period in 2003 and overheads have been contained. Our loan portfolio remains sound and this is reflected in the low provision for credit losses. Capital and liquidity positions remain strong.

"We are pleased to have received the Euromoney award for 'Best Bank in the Kingdom of Saudi Arabia' for the second consecutive year.

"We thank our customers for their continued support and our staff for their commitment and contribution to the bank's success."