SABB profit SR2,425m up 8.6% for nine months
- Saudi Arabia: Thursday, October 11 - 2012 at 10:07
- PRESS RELEASE
The Saudi British Bank - SABB recorded a net profit of SR2,425m for the nine months ended 30 September 2012. This is an increase of SR192m or 8.6% compared to SR2,233m for the same period in 2011. SABB recorded a net profit of SR656m for the three months ended 30 September 2012, a decrease of SR259m or 28.3% as compared to the three months ended 30 June 2012, which amounted to SR915m.
Customer deposits of SR119.7bn at 30 September 2012 - an increase of SR18.9bn, or 18.8%, compared with SR100.8bn at 30 September 2011. Loans and advances to customers of SR97.8bn at 30 September 2012 - an increase of SR15.4bn, or 18.8%, from SR82.4bn at 30 September 2011.
The bank's investment portfolio totalled SR29.3bn at 30 September 2012, an increase of 21.9% compared with SR24.1bn at 30 September 2011. Total assets were SR156.2bn at 30 September 2012, compared with SR131.9bn at 30 September 2011, an increase of 18.4 % or SR24.3bn.
Earnings per share is SR2.42 for the nine months ended 30 September 2012 against SR2.23 'adjusted to bonus share issue 1 for 3 shares as a result of the Bank's capital increase to SR10bn' for the corresponding period of the previous year.
Sheikh Khaled Olayan, Chairman of SABB, said, "SABB's strategy of diversifying its income streams and controlling its costs effectively ensured a strong financial performance for the nine months ended 30 September 2012. SABB has continued to focus on booking quality assets and sustaining growth while preserving strong asset quality, capital and liquidity positions."
"We thank our customers for their continued support and our staff for their commitment and contribution to the bank's success," he added.
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