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SABB nine months profit of SAR 3,288 million

October 2016

The Saudi British Bank (“SABB”) recorded a net profit of SAR 3,288 million for the nine months ended 30 September 2016. This is a decrease of SAR 104 million or 3.1% compared to SAR 3,392 million for the same period in 2015. SABB recorded a net profit of SAR 995 million for the three months ended 30 September 2016, a decrease of SAR 156 million or 13.6% as compared to the three months ended 30 June 2016, which amounted to SAR 1,151 million.

Operating income of SAR 5,244 million for the nine months ended 30 September 2016 – an increase of SAR 163 million, or 3.2%, compared with SAR 5,081 million for the same period in 2015.

Customer deposits of SAR 144.1 billion at 30 September 2016 – a decrease of SAR 11.8 billion, or 7.6% compared with SAR 155.9 billion at 30 September 2015.

Loans and advances to customers of SAR 125.9 billion at 30 September 2016 – a decrease of SAR 3.7 billion, or 2.9% from SAR 129.6 billion at 30 September 2015.

SABB’s investment portfolio totaled SAR 29.0 billion at 30 September 2016, a decrease of SAR 14.5 billion, or 33.3% from SAR 43.5 billion at 30 September 2015.

Total assets were SAR 185.9 billion at 30 September 2016, compared with SAR 197.2 billion at 30 September 2015, a decrease of 5.7% or SAR 11.3 billion.

Earnings per share is SAR 2.19 against SAR 2.26 for the corresponding nine months of the previous year.

Commenting on the results, Sheikh Khaled Olayan, Chairman of SABB, said “the financial results reflect SABB’s consistent focus on revenue quality and risk management in line with our strategic objectives while recognising that we are operating in a challenging economic environment. In order to support future growth opportunities, including the Kingdom’s 2030 Vision and National Transformation Program, SABB will continue to focus on maintaining strong capital and liquidity positions. SABB’s customer satisfaction levels and industry awards continue to reflect our leading international bank position.”

Sheikh Khaled further added, “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.”