SABB reports 2017 profit of SR3.955bn

Saudi British Bank (SABB) has released its 2017 financial results.
The bank recorded a net profit of SR3.955 billion ($1.05 billion) for 2017 — an increase of 1.5 percent on the SR3.895 billion for 2016.
SABB recorded a net profit of SR706 million in the fourth quarter of 2017, a decrease of 34.8 percent on the previous quarter.
SABB’s 2017 operating income was SR7.127 billion, an increase of 3.2 percent on the 2016’s SR6.909 billion.
Loans and advances for 2017 totalled SR117 billion, a decrease of SR4 billion, or 3.3 percent, on the SR121 billion of 2016.
SABB received SR140.2 billion in customer deposits in 2017, a decrease of 0.3 percent on the previous year’s SR140.6 billion.
SABB recorded SR27 billion of investments in 2017, a decrease of 7.8 percent from 2016.
SABB’s total assets in 2017 came to SR187.6 billion, an increase of SR1.5 billion on 2016.
Shareholders earned SR2.64 per share in 2017 compared to SR2.60 the previous year.
Commenting on the results, SABB Chairman Khaled Olayan said: “During 2017, SABB delivered resilient returns and increased the distribution to shareholders under challenging economic conditions.
“The SABB board and its management team have 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.”
He added: “I would 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.”