SABB’s first quarter profit rises to SR1.142bn

The Saudi British Bank’s (SABB) solid financial results reflect its consistent focus on revenue growth and risk management in line with SABB’s strategic objectives, said its Chairman Khaled Olayan.
His remarks came as SABB recorded a net profit of SR1.142 billion for the quarter ended March 31 2016.
This is an increase of SR27 million or 2.4 percent compared to SR1.115 billion for the same period in 2015, and an increase of SR203 million or 21.6 percent compared to SR939 million for three months ended Dec. 31 2015.
The bank reported an operating income of SR1.796 billion for the quarter ended March 31 2016. This is an increase of SR79 million, or 4.6 percent, compared with SR1.717 billion for the same period in 2015.
Loans and advances to customers reached SR130 billion as of March 31 2016. This is an increase of SR9.6 billion, or 8.0 percent, from SR120.4 billion at March 31 2015.
Customer deposits of SR151.5 billion at March 31 2016 – an increase of SR2.5 billion, or 1.7 percent, compared with SR149.0 billion at March 31 2015.
The bank’s investment portfolio of SR28.6 billion at March 312016 – a decrease of SR18.7 billion, or 39.5 percent, from SR47.3 billion at March 31 2015.
Total assets increased by SR1.6 billion to SR191.8 billion at March 31 2016 – an increase of 0.8 percent from SR190.2 billion at March 31 2015.
Earnings per share is SR0.76 against SR0.74 for the corresponding quarter of the previous year.
Commenting on the results, Khaled Olayan added: “SABB’s customer satisfaction levels and industry awards reflect our leading international bank position.”
The chairman said: “SABB’s strong capital and liquidity position continue to support our growth strategies and our ability to enhance shareholder value as business opportunities arise.”
He said: “I would like to thank our customers, staff and shareholders for their continued support and commitment. I would also like to express my sincere thanks and appreciation to our regulators and government ministries for their continued guidance and vision.
Source: Arab News