SABB recorded a net profit of SAR 1,874 million (USD 500 million) for the nine months ended 30 September 2005 - up 50.8 per cent

This represents an increase of 50.8 per cent over the SAR1,242 million (US$331 million) earned in the same period in 2004. Earnings per share increased to SAR37.48 (US$9.99) compared to SAR24.85 (US$6.63) for the same period last year - up 50.8 per cent. (Net profit and earnings per share for the nine months ended 30 September 2004 have been restated to reflect the adoption of the revised International Accounting Standard 39 - Financial Instruments: Recognition and Measurement)

Customer deposits increased to SAR45.6 billion (US$12.2 billion) at 30 September 2005 from SAR39.4 billion (US$10.5 billion) at 30 September 2004 - up SAR6.2 billion (US$1.7 billion) or 15.7 per cent over 30 September 2004.

Loans and advances to customers were higher at SAR39.6 billion (US$10.6 billion) at 30 September 2005 from SAR 29.5 billion (US$7.9 billion) at 30 September 2004 - up SAR10.2 billion (US$2.7 billion) or 34.6 per cent over 30 September 2004. Total assets of SAR67.4 billion (US$18.0 billion) at 30 September 2005 - up SAR 15.0 billion (US$4.0 billion) or 28.7 per cent over 30 September 2004.

The bank's investment portfolio totalled SAR 16.9 billion (US$4.5 billion) at 30 September 2005, an increase from SAR 14.9 billion (US$4.0 billion) at 30 September 2004.

SABB Chairman, Sheikh Abdullah Al Hugail said: "SABB has registered a record performance over the first three quarters of 2005. Business growth in Saudi Arabia remains strong, and banking sector revenues have received a significant boost from very strong investor participation in a buoyant stock market. In addition to these exceptional earnings, it is important to note that we have also achieved strong growth in other areas. We will continue to maintain close focus on the core fundamentals of our business in order to maintain a balanced earnings and growth momentum.

Operating revenues have continued to strongly outperform 2004. Despite ongoing investment in technology, staff, and product development, the bank's cost to income ratio remains well within expected parameters. Customer deposits have continued to grow, and good macro-economic conditions have fuelled strong customer asset growth. Asset quality remains sound, with a relatively low level of provisions for credit losses. Despite the strong asset growth, SABB remains well-capitalised and liquid.

During the third quarter of 2005, The Saudi British Bank became the first bank in the Kingdom to be awarded an 'A' credit rating by the Fitch Ratings agency. This upgrade acknowledged the bank's continuing strong profitability, improving asset quality, and sound capitalisation, funding, and risk management profile.

We have good business momentum, and are well positioned to develop new products in response to the needs of our customers in an environment where we expect strong growth and rapid change. We deeply appreciate the continuing support of our customers and the sustained effort of our staff in delivering these excellent results".