February 2020

SABB and Alawwal Bank legally merged on 16 June 2019. SABB’s financial results for 2019 include the financial results of Alawwal Bank from the merger date onwards. Reported periods prior to the merger do not include the financial results of Alawwal Bank.

The Saudi British Bank (“SABB”) recorded a net profit after Zakat and income tax of SAR 2,812 million for the year ended 31 December 2019. This is an increase of SAR 114 million or 4.2% compared to SAR 2,698 million for the year 2018. SABB recorded a net profit after Zakat and income tax of SAR 899 million for the three months ended 31 December 2019, compared to the net loss after Zakat and income tax of SAR 168 million for the three months ended 31 December 2018.

Operating income of SAR 9,398 million for the year ended 31 December 2019, an increase of SAR 2,075 million, or 28.3%, compared to SAR 7,323 million for the year 2018.

Loans and advances of SAR 154.7 billion at 31 December 2019, an increase of SAR 44.4 billion, or 40.3%, from SAR 110.3 billion at 31 December 2018.

Customers’ deposits of SAR 192.2 billion at 31 December 2019, an increase of SAR 61.7 billion, or 47.3%, compared with SAR 130.5 billion at 31 December 2018.

Investments of SAR 60.5 billion at 31 December 2019, an increase of SAR 25.9 billion, or 74.9%, from SAR 34.6 billion at 31 December 2018.

Total assets of SAR 265.5 billion at 31 December 2019, an increase of SAR 90.8 billion, or 52.0% from SAR 174.7 billion at 31 December 2018.

Earnings per share is SAR 1.57 compared to SAR 1.81 for the year 2018.

Commenting on the results, Ms Lubna Suliman Olayan, Chair of SABB, said “2019 witnessed the historic merger of SABB and Alawwal bank, uniting the legacies and resources of two of the oldest banks in the Kingdom. The greater scale, enhanced market leadership and efficient operating platform will reinforce our unique positioning as a leading financial institution in the Kingdom, enabling us to support Vision 2030 and to benefit from the many opportunities arising from this ambitious national economic growth agenda.

The fourth quarter of 2019 represents the second full quarter of results since the legal merger and our financial performance was more reflective of the combined Bank’s returns, albeit within the context of a challenging environment. Our net income before Zakat and income tax of SAR 990 million was resilient, our balance sheet is robust and the Bank is positioned to grow. We are pleased to announce a final dividend of SAR 0.60 per share demonstrating the strength of our position.

I would like to express my heartfelt thanks to our customers, shareholders, management, and our longstanding global partner, HSBC Group, for their continued support and commitment. We are equally grateful to our regulators and government agencies for the support they have shown throughout the merger process; and to the government of Saudi Arabia for the ambitious path on which they have set the national economy. We look ahead to the future with optimism and vigour.”