SABB reports profit of SR3,248 till Q3

27/10/2017 10:16 AST

THE Saudi British Bank (SABB) recorded a net profit of SR3,248 million for the nine months ended Sept. 30. This is a decrease of SR40 million or 1.2% compared to SR 3,288 million for the same period in 2016.

SABB recorded a net profit of SR1,083 million for the three months ended Sept. 30, a decrease of SR46 million or 4.1% compared to the three months ended June 30 of SR1,129 million.

Operating income of SR5,389 million for the nine months ended Sept. 30, an increase of SR 145 million, or 2.8%, compared to SR 5,244 million for the same period in 2016.

Loans and advances of SR 116.7 billion at Sept. 30, a decrease of SR 9.2 billion, or 7.3%, from SR125.9 billion at Sept. 30, 2016.

Customers' deposits of SR134.6 billion at 30 September 2017, a decrease of SAR 9.5 billion, or 6.6%, compared with SAR 144.1 billion at 30 September 2016.

Investments of SR25.3 billion at Sept. 30, a decrease of SR3.7 billion, or 12.8%, from SR 29.0 billion at Sept. 30, 2016.Total assets of SR179.5 billion at Sept. 30, a decrease of SR6.4 billion, or 3.4% from SR185.9 billion at Sept. 30, 2016. Earnings per share is SR2.17 compared to SR2.19 for the same period in 2016.

Commenting on the results, Sheikh Khaled Olayan, chairman of SABB, said "During the third quarter of 2017, SABB has delivered a quality set of earnings under continued challenging macro economic conditions. The SABB Board and its management team remain dedicated to supporting customers, and generating value for our shareholders through focus on asset quality, optimal returns, and cost efficiency.

"SABB's market-leading client solutions, strong risk management, success in attracting and developing local talent, strong capital, abundant liquidity, and a strategic advantage as the leading international bank in the Kingdom continue to serve as core strengths underpinning its current and future success.

"The Kingdom is undergoing a significant economic transformation and SABB is committed to supporting its customers and the Kingdom through this journey."

Sheikh Khaled added, "I would like to thank our customers, staff and shareholders for their 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."

Saudi Gazette