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November 2020
The Saudi British Bank (‘SABB’) recorded a net profit after Zakat and income tax of SAR 1,049 million for the three months ended 30 September 2020. This is a decrease of SAR 122 million or 10% compared to the equivalent period from 2019. For the nine months ended 30 September 2020, SABB recorded a loss after Zakat and income tax of SAR 4,847 million which included a SAR 7,418 million impairment of goodwill in the second quarter of 2020 relating to the goodwill created following the merger with Alawwal bank.
Total operating income of SAR 2,141 million for the three months ended 30 September 2020, a decrease of 20% compared with the equivalent period of 2019; and SAR 6,828 million for the nine months ended 30 September 2020, an increase of 3%
Gross loans and advances as at 30 September 2020 of SAR 159.4 billion increased SAR 3.6 billion compared with 30 September 2019 and decreased SAR 1.0 billion compared with 30 June 2020
Customers’ deposits as at 30 September 2020 of SAR 180.2 billion decreased SAR 3.2 billion compared with 30 September 2019 and decreased SAR 8.2 billion compared with 30 June 2020
Investments as at 30 September 2020 of SAR 64.1 billion increased SAR 5.3 billion compared with 30 September 2019 and was broadly unchanged compared with 30 June 2020
Total assets as at 30 September 2020 of 264.0 billion increased SAR 5.4 billion compared with 30 September 2019 and decreased SAR 2.0 billion compared with 30 June 2020
Earnings per share of SAR 0.51 for the three months ended 30 September 2020 fell SAR 0.06 compared with the equivalent period of 2019
Commenting on the results, Ms. Lubna Suliman Olayan, Chairman of SABB said:
‘As the third quarter ended, we drew closer to our goal of attaining a full and seamless integration of the merged bank. We completed the migration of the majority of our wholesale business and we are on target with our plan to complete the full integration of the bank in the first half of next year. We are working as a single team throughout the Bank, we seek out opportunities and manage risk as one bank, and we are delivering on the promised synergies. So SABB’s future looks bright, even through the lens of these challenging times.
Notwithstanding our successes, it comes as no surprise that the operating performance of the Bank reflects the challenges of the macro economic environment, caused by the persistence of the COVID-19 global pandemic and the resulting strong competition for customer business. Although operating margins across the sector are compressed, SABB remains well capitalized and highly liquid, and we saw our cost of credit risk decrease significantly in the third quarter, reflecting the adequacy of the Bank’s credit provisions to date. As we look forward over the horizon of the next few years, the Board and the management team are optimistic for a return to growth, albeit at a modest pace and we are confident that the Bank is well positioned to attain that growth. The Board is currently reviewing the medium-term strategy of the Bank and, once finalised, I look forward to discussing what promises to be an exciting future in more depth’.
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© SAB, Saudi Arabia. All Rights Reserved, 2024
Saudi Awwal Bank, a listed joint stock company, incorporated in the Kingdom of Saudi Arabia, with paid in capital of SAR 20,547,945,220, commercial registration certificate 1010025779, unified number 7000018668, Mailing Address: P.O. Box 9084, Riyadh 11413. National Address: 7383 King Fahad Branch Rd, 2338 Al Yasmeen Dist., 13325 Riyadh, Kingdom of Saudi Arabia, Tel. +966 11 4050677, www.sab.com, licensed pursuant to the Council of Ministers Resolution No. 198 dated 06/02/1398H and Royal Decree No. M/4 dated 12/08/1398H, and regulated and supervised by the Saudi Central Bank.