13/10/2010
Saudi British Bank (SABB) recorded a net profit of SR1.487 billion for the nine months ended Sept. 30, a reduction of SR519 million, or 25.9 percent, compared with SR2.006 billion for the same period in 2009. Net special commission income decreased by SR116 million ($31.0.million), or 4.4 percent, compared with the same period in 2009, reflecting a contraction in average asset balances.
Operating income reached SR3.723 billion for the nine months ended Sept. 30, a reduction of SR251 million, or 6.3 percent, compared with SR3.974 billion for the same period in 2009.
Moreover,Customer deposits totaled SR90.7 billion at Sept. 30, an increase of SR1.5 billion, or 1.7 percent, compared with SR89.2 billion at Sept. 30, 2009.
Loans and advances to customers decreased to SR74.7 billion at Sept. 30, a reduction of SR4.1 billion, or 5.2 percent, from SR78.8 billion at Sept. 30, 2009.
The bank's investment portfolio totaled SR21 billion at Sept. 30, a decrease of 12.9 percent compared with SR24.1 billion at Sept. 30, 2009.
Total assets were at SR118.3 billion at Sept. 30, compared with SR123.9 billion at Sept. 30, 2009, a reduction of 4.5 percent, or SR5.6 billion.
Earnings per share was SR1.98 for the nine months ended Sept. 30, a reduction of 25.9 percent from SR2.68 for the same period in 2009.
SABB Chairman Khaled Olayan said: "SABB's strong operating income streams and cost containment measures have allowed the bank to report encouraging profits for the nine months ended Sept. 30. SABB has continued with its prudent provisioning, while remaining focused on improving our service propositions to our customers through ongoing investment in SABB's infrastructure as well as seeking new opportunities for business growth.
SABB's capital and liquidity ratios remain strong as does the overall quality of our loan book. We thank our customers for their continued support, and our staff for their commitment and contribution to the bank's success."
