The Saudi British Bank 2004 annual results

This represents an increase of 30.0 per cent over the SAR1,258 million (US$335 million) earned in 2003. Earnings per share increased to SAR32.72 (US$8.72) compared to SAR25.16 (US$6.70) for 2003.

Customer deposits increased to SAR44.7 billion (US$11.9 billion) at 31 December 2004 from SAR36.1 billion (US$9.6 billion) at 31 December 2003.

Loans and advances to customers increased to SAR31.6 billion (US$8.4 billion) at 31 December 2004 from SAR26.1 billion (US$7.0 billion) at 31 December 2003.

The bank's investment portfolio totalled SAR14.7 billion (US$3.9 billion) at 31 December 2004, a decrease from SAR16.0 billion (US$4.3 billion) at 31 December 2003.

Geoff Calvert, managing director of The Saudi British Bank, said: "These results for 2004 reflect the bank's strong market position and our ability to provide a full range of quality products and services to meet our customers' needs. Operating revenues, especially non-funds income, had a very good year benefiting from a buoyant economy and equity market. Overheads have been contained in line with our expectations and our cost:income ratio has continued to improve. Our loan portfolio remains sound. This is reflected in low levels of non-performing loans and a low charge for credit losses. Capital and liquidity positions remain strong.

"All areas of the bank have performed well. In particular, there has been strong demand for our Al Amanah Islamic banking range of products.

"For the second consecutive year the bank received the Euromoney award for the 'Best Bank in the Kingdom of Saudi Arabia'.

"The Directors have recommended a final net dividend of SAR10 per share. The total net dividend for 2004 will amount to SAR19 per share as an interim net dividend of SAR9 per share was paid in July 2004.

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