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SABB reports first quarter profit of SAR 1,036 Million for 2017

April 2017

The Saudi British Bank (“SABB”) recorded a net profit of SAR 1,036 million for the quarter ended 31 March 2017. This is a decrease of SAR 106 million or 9.3% compared to SAR 1,142 million for the same period in 2016, and an increase of SAR 429 million or 70.7% compared to SAR 607 million for three months ended 31 December 2016.

Operating income of SAR 1,824 million for the quarter ended 31 March 2017 – an increase of SAR 28 million, or 1.6 %, compared with SAR 1,796 million for the same period in 2016.

Loans and advances to customers of SAR 119.5 billion at 31 March 2017 – a decrease of SAR 11.1 billion, or 8.5 %, from SAR 130.6 billion at 31 March 2016.

Customer deposits of SAR 141.6 billion at 31 March 2017 – a decrease of SAR 10.3 billion, or 6.8 %, compared with SAR 151.9 billion at 31 March 2016.

The bank’s investment portfolio of SAR 23.8 billion at 31 March 2017 – a decrease of SAR 4.9 billion, or 17.0 %, from SAR 28.7 billion at 31 March 2016.

Total assets decreased by SAR 6.5 billion to SAR 185.3 billion at 31 March 2017 – a decrease of 3.4 % from SAR 191.8 billion at 31 March 2016.

Earnings per share is SAR 0.69 against SAR 0.76 per share for the corresponding quarter of the previous year.

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 even during challenging conditions, 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.”

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.”