SABB Reports Annual Profit of SAR 3,895 Million for 2016

January 2017

The Saudi British Bank (SABB) reported a net profit of SAR 3,895 million for the year ended 31 December 2016, a decrease of SAR 436 million or 10.1% compared to SAR 4,331 million last year.

SABB reported a net profit of SAR 607 million for the three months ended 31 December 2016, a decrease of SAR 332 million or 35.4% compared to the three months ended 31 December 2015 of SAR 939 million.

Operating income of SAR 6,909 million for the year ended 31 December 2016 increased SAR 278 million, or 4.2%, compared with SAR 6,631million last year.

Customer deposits of SAR 140.6 billion at 31 December 2016 decreased SAR 8.3 billion, or 5.6%, compared with SAR 148.9 billion at 31 December 2015.

Loans and advances to customers of SAR 121.0 billion at 31 December 2016 decreased SAR 4.9 billion, or 3.9%, from SAR 125.9 billion at 31 December 2015.

Total investment portfolio of SAR 29.3 billion at 31 December 2016 decreased SAR 6.2 billion, or 17.5%, from SAR 35.5 billion at 31 December 2015.

Total assets of SAR 186.1 billion at 31 December 2016 decreased SAR 1.7 billion, or 0.9%, from SAR 187.8 billion at 31 December 2015.

Earnings per share is SAR 2.60 for the year ended 31 December 2016 compared to SAR 2.89 last 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.”