SABB posts SR3.288 billion profit for first nine months

Khaled Olayan, chairman of SABB

JEDDAH: The Saudi British Bank (SABB) recorded a net profit of SR3.288 billion for the nine months ended Sept. 30, 2016.
This is a decrease of SR104 million or 3.1 percent compared to SR3.392 billion for the same period in 2015.
SABB recorded a net profit of SR995 million for the three months ended Sept. 30 2016, a decrease of SR156 million or 13.6 percent as compared to the three months ended June 30 2016, which amounted to SR1.151 billion.
Operating income of SR5.244 billion for the nine months ended Sept. 30 2016 — an increase of SR163 million, or 3.2 percent, compared with SR5.081 billion for the same period in 2015.
Customer deposits of SR144.1 billion at Sept. 30 2016 — a decrease of SR11.8 billion, or 7.6 percent compared with SR155.9 billion at Sept. 30 2015.
Loans and advances to customers of SR125.9 billion at Sept. 30 2016 — a decrease of SR3.7 billion, or 2.9 percent from SR129.6 billion at Sept. 30 2015.
SABB’s investment portfolio totaled SR29.0 billion at Sept. 30 2016, a decrease of SR14.5 billion, or 33.3 percent from SR43.5 billion at Sept. 30 2015.
Total assets were SR185.9 billion at Sept. 30 2016, compared with SR197.2 billion at Sept. 30 September 2015, a decrease of 5.7 percent or SR11.3 billion.
Earnings per share is SR2.19 against SR2.26 for the corresponding nine months of the previous 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 recognizing that we are operating in a challenging economic environment.”
The chairman said: “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.”
The chairman added: “SABB’s customer satisfaction levels and industry awards continue to reflect our leading international bank position.”
Sheikh Khaled said “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.”