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SABB reports profit of SAR 3,248 million for the nine month period ended September 30, 2017

October 2017

The Saudi British Bank (“SABB”) recorded a net profit of SAR 3,248 million for the nine months ended 30 September 2017. This is a decrease of SAR 40 million or 1.2% compared to SAR 3,288 million for the same period in 2016. SABB recorded a net profit of SAR 1,083 million for the three months ended 30 September 2017, a decrease of SAR 46 million or 4.1% compared to the three months ended 30 June 2017 of SAR 1,129 million.

Operating income of SAR 5,389 million for the nine months ended 30 September 2017, an increase of SAR 145 million, or 2.8%, compared to SAR 5,244 million for the same period in 2016.

Loans and advances of SAR 116.7 billion at 30 September 2017, a decrease of SAR 9.2 billion, or 7.3%, from SAR 125.9 billion at 30 September 2016.

Customers’ deposits of SAR 134.6 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 SAR 25.3 billion at 30 September 2017, a decrease of SAR 3.7 billion, or 12.8%, from SAR 29.0 billion at 30 September 2016.

Total assets of SAR 179.5 billion at 30 September 2017, a decrease of SAR 6.4 billion, or 3.4% from SAR 185.9 billion at 30 September 2016.

Earnings per share is SAR 2.17 compared to SAR 2.19 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 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."