SABB’s profit rises to SR2.29bn in H1

The Saudi British Bank (SABB) has recorded a net profit of SR2.29 billion for the six months ended June 30, 2016.
This is an increase of SR41 million or 1.8 percent compared to SR2.25 billion for the same period in 2015.
SABB posted a net profit of SR1.15 billion for the three months ended June 30, 2016, an increase of SR9 million or 0.8 percent compared to the three months ended March 31, 2016, of SR1.14 billion.
Operating income of SR3.56 billion for the six months ended June 30, 2016, an increase of SR165 million, or 4.9 percent, compared to SR3.39 billion for the same period in 2015.
Loans and advances of SR131.1 billion at June 30, 2016, an increase of SR4.1 billion, or 3.2 percent, from SR127 billion at June 30, 2015.
Customers’ deposits of SR150.3 billion at June 30, 2016, were a decrease of SR0.8 billion, or 0.5 percent, compared with SR151.1 billion at June 30, 2015.
Investments of SR28.1 billion at June 30, 2016, were a decrease of SR16.5 billion, or 37 percent, from SR44.6 billion at June 30, 2015.
Total assets of SR191.9 billion at June 30, 2016, a decrease of SR0.4 billion, or 0.2 percent from SR192.3 billion at June 30, 2015. Earnings per share are SR1.53 compared to SR1.50 for the same period in 2015.
Commenting on the results, Khaled Olayan, chairman of SABB, said: “The solid financial results reflect SABB’s consistent focus on revenue quality and risk management in line with our strategic objectives. In response to an increasingly challenging economic environment and to support future growth opportunities, including Saudi Vision 2030 and the National Transformation Program, SABB will continue to focus on maintaining a strong capital and liquidity position. SABB’s customer satisfaction levels and industry awards continue to reflect our leading international bank position.”

Source: Arab News