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SABB reports profit of SAR 4,929 million for the year end December 31, 2018

February 2019

 

 

The Saudi British Bank (“SABB”) recorded a net profit of SAR 4,929 million for the year ended 31 December 2018. This is an increase of SAR 974 million or 24.6% compared to SAR 3,955 million for the year 2017. SABB recorded a net profit of SAR 1,211 million for the three months ended 31 December 2018, an increase of SAR 505 million or 71.5% compared to the three months ended 31 December 2017 of SAR 706 million.

Operating income of SAR 7,377 million for the year ended 31 December 2018, an increase of SAR 250 million, or 3.5%, compared to SAR 7,127 million for the year 2017

Loans and advances of SAR 110.3 billion at 31 December 2018, a decrease of SAR 6.7 billion, or 5.7%, from SAR 117.0 billion at 31 December 2017.

Customers’ deposits of SAR 130.5 billion at 31 December 2018, a decrease of SAR 9.7 billion, or 6.9%, compared with SAR 140.2 billion at 31 December 2017.

Investments of SAR 34.6 billion at 31 December 2018, an increase of SAR 7.6 billion, or 28.1%, from SAR 27.0 billion at 31 December 2017.

Total assets of SAR 174.6 billion at 31 December 2018, a decrease of SAR 13.1 billion, or 7.0% from SAR 187.6 billion at 31 December 2017.

Earnings per share is SAR 3.29 compared to SAR 2.64 for the year 2017.

Commenting on the results, Sheikh Khaled Olayan, Chairman of SABB, said “the financial results reflect SABB’s ability to continue to generate value for shareholders, supported by a strong franchise, focused management team, quality risk management and a clear vision. Aligned with the Kingdom’s 2030 Vision and National Transformation Program 2020, SABB will focus on deploying capital efficiently, and maintaining a stable and strong funding base. Customer satisfaction levels and industry awards continue to recognise our position as the leading international bank in the Kingdom. As we look forward, the potential merger with Alawwal bank offers value and opportunities to our shareholders, our customers and our people. The Board and the management team are working hard to complete this transaction in the first half of 2019, subject to shareholder and regulatory approvals

Sheikh Khaled further 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.