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SABB reports profit of SAR 3,718 million for the nine months period ended September 30, 2018

October 2018

 


The Saudi British Bank (“SABB”) recorded a net profit of SAR 3,718 million for the nine months ended 30 September 2018. This is an increase of SAR 470 million or 14.5% compared to SAR 3,248 million for the same period in 2017. SABB recorded a net profit of SAR 1,247 million for the three months ended 30 September 2018, an increase of SAR 164 million or 15.1% compared to the three months ended 30 September 2017 of SAR 1,083 million.


Operating income of SAR 5,533 million for the nine months ended 30 September 2018, an increase of SAR 144 million, or 2.7%, compared to SAR 5,389 million for the same period in 2017.


Loans and advances to customers of SAR 112.1 billion at 30 September 2018, a decrease of SAR 4.6 billion, or 3.9%, from SAR 116.7 billion at 30 September 2017.


Customers’ deposits of SAR 129.3 billion at 30 September 2018, a decrease of SAR 5.3 billion, or 3.9%, compared with SAR 134.6 billion at 30 September 2017.


The bank’s investment portfolio of SAR 34.0 billion at 30 September 2018, an increase of SAR 8.7 billion, or 34.4%, from SAR 25.3 billion at 30 September 2017.


Total assets of SAR 174.9 billion at 30 September 2018, a decrease of SAR 4.6 billion, or 2.5% from SAR 179.5 billion at 30 September 2017.


Earnings per share is SAR 2.48 compared to SAR 2.17 for the corresponding period of the previous year.


Commenting on the results, Sheikh Khaled Olayan, Chairman of SABB, said "SABB delivered resilient returns and increased the distribution to shareholders under challenging economic conditions. The SABB Board and its management team has been focused on supporting our customers and the nation’s economic transformation agenda. The Bank remains highly liquid with strong capital, stable funding and a uniquely valuable franchise as the leading international bank in the Kingdom."


Sheikh Khaled further added, “Iwould 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."