For The First Time In The Kingdom, SABB Launches Online Registration Service For NCCI IPO
In line with The Saudi British Bank (SABB) efforts to provide latest banking technologies that contribute to the development of banking services offered by SABB in particular, and the Saudi banking sector in general, SABB has for the first time in the Kingdom launched a web-sitewww.ektetab.com for online self-registration for the forthcoming Initial Public Offering (IPO) of The National Company for Cooperative Insurance (NCCI). This step will facilitate the registration procedures and loading of investors’ personal details.
Mr. Sulaiman Al-Hamdan, SABB’s Deputy Managing Director, said: “Online registration service is an alternative procedure for submission of subscription details through electronic channels before the customer visits his bank branch. The customer can obtain the Subscription Application Form from the web site, print and fill it out before processing it at his bank branch.
"Application Form obtained through the website will be treated as an original form issued for this purpose and will be given a reference number by the system automatically. The website will also enable the investors to load their personal and subscription details online. This will save the processing time at the customer’s bank and avoid the problem of possible shortage of Application Forms."
Mr Al-Hamdan added, "The website will be available for all local banks and their customers so that applicants can complete the application form from the convenience of their homes through the websites of the receiving banks or NCCI site on the Internet." "The website, he continued, will also provide many useful information on how to complete the form, terms and conditions of the IPO and FAQ. The site will not be restricted to NCCI IPO self registration only, but investors can also register through this site for any future IPOs managed by the SABB."
Al-Hamdan further added, “During the year SABB had many successes. One of the highlights was being recently rated as the “Best Bank in the Kingdom of Saudi Arabia for 2004” for the second year in a row by the Euromoney Magazine. Mr Hamdan keen to see that SABB as manager of this IPO to achieve all out success of the process at the Bank as well as at other participant banks. He emphasised SABB’s concern to safeguard the rights of the subscribers and to serve them by all available means in order to make the subscription process easier. SABB took the initiative to develop the electronic system for NCCI IPO and provided other banks and their customers with the opportunity to benefit from this system in an effort by SABB to provide the easiest and most convenient methods of subscription for all subscribers."
19 December 2004
Election of SABB Board Members
The Ordinary General Meeting of SABB was held at the Bank's Head Office in Riyadh this evening, Monday, 13 Dec. 2004 to elect the members of the new Board of Directors. The chairman, Sheikh Abdullah Mohamed Al Hugail gave a speech on this occasion listing the achievements attained by the Bank during the term of the last Board.
The Board Members comprises of :
1) Abdullah Mohamed Al Hugail (Chairman)
2) Fouad Abdulwahab Bahrawi
3) Khalid Abdullah Al Mulhem
4) Khalid Sulaiman Olayan
5) Sulaiman Abdulkader Al Muhaideb
6) Ahmed Sulaiman Banaja
7) Geoff Calvert, OBE (Managing Director)
8) John L Richards, OBE
9) David Hodgkinson
10) Vacant
The General Assembly was attended by a large number of shareholders, and the attendance ratio was 79.56%, an indication of the good interaction between the Board of Directors and shareholders that results in a fruitful cooperation, which would enhance the Bank's position and services in all respects.
13 December 2004
The Saudi British Bank Third Quarter 2004 Results
Highlights
Net profit of SAR1,234 million (US$329 million) for the nine months ended 30 September 2004 – up SAR322 million (US$86 million) or 35.4 per cent over the same period in 2003.
Customer deposits of SAR39.4 billion (US$10.5 billion) at 30 September 2004 – up SAR3.1 billion (US$0.8 billion) or 8.3 per cent over 30 September 2003.
Loans and advances to customers of SAR29.5 billion (US$7.9 billion) at 30 September 2004 – up SAR5.4 billion (US$1.4 billion) or 22.0 per cent over 30 September 2003.
Total assets of SAR52.3 billion (US$13.9 billion) at 30 September 2004 – up SAR4.1 billion (US$1.1 billion) or 8.6 per cent over 30 September 2003.
Earnings per share of SAR24.68 (US$6.58) for the nine months ended 30 September 2004 – up 35.4 per cent from SAR18.24 (US$4.86) over the same period in 2003.(Earnings per share for the quarter ended 30 September 2003 have been restated to reflect the 1-for-4 bonus share issue in March 2004.)
Commentary
The Saudi British Bank (SABB) recorded a net profit of SAR1,234 million (US$329 million) for the nine months ended 30 September 2004. This represents an increase of 35.4 per cent over the SAR912 million (US$243 million) earned in the same period in 2003. Earnings per share increased to SAR24.68 (US$6.58) compared to SAR18.24 (US$4.86) for the same period last year.
Customer deposits increased to SAR39.4 billion (US$10.5 billion) at 30 September 2004 from SAR36.3 billion (US$9.7 billion) at 30 September 2003.
Loans and advances to customers were higher at SAR29.5 billion (US$7.9 billion) at 30 September 2004 from SAR24.1 billion (US$6.4 billion) at 30 September 2003.
The bank’s investment portfolio totalled SAR14.9 billion (US$4.0 billion) at 30 September 2004, a decrease from SAR19.6 billion (US$5.2 billion) at 30 September 2003, as proceeds from maturing investments have been reinvested in the loan portfolio.
Geoff Calvert, managing director of The Saudi British Bank, said: “Our results for the nine month period reflect our strong customer base and banking franchise. Operating revenues, especially non-funds income, are well above the same period in 2003 and overheads have been contained. Our loan portfolio remains sound and this is reflected in the low provision for credit losses. Capital and liquidity positions remain strong.
“We are pleased to have received the Euromoney award for ‘Best Bank in the Kingdom of Saudi Arabia’ for the second consecutive year.
“We thank our customers for their continued support and our staff for their commitment and contribution to the bank’s success.”
Media enquiries to:
Abdulaziz Al-Manie
The Saudi British Bank
Tel: +966 (01) 405-0677 Ext. 4310
Email: abdulazizalmanie@sabb.com
Click here for Third Quarter 2004 Results
12 October 2004
SABB Hosts Security & Investigation Financial Course Delegates
The Saudi British Bank (SABB) has recently received a delegation from the 11th Qualifying Financial Training Course to Security & Investigation sectors organised by SAMA to acquaint the trainees with the Bank's advanced mechanisms and procedures to contain fraud, money laundering, etc.. The delegates had extensive interaction with SABB's Legal and Audit team.
Mr Sulaiman Al-Hamdan, Deputy Managing Director Financial Services, SABB - welcoming the trainees stressed the Bank's interest in encouraging such visits and wished all the delegates to avail this opportunity to their maximum benefit by studying closely SABB's procedures in controlling fraud and money laundering.
Mr Al Hamdan also praised SAMA officials who had been keen to conduct such courses along with national banks because these courses strengthen the regulatory procedures of the Saudi banking sector, even while enhancing the cooperation and coordination between banks and the Security & Investigation sectors.
25 September 2004
SABB Invites Applications For MBA Scholarships For 2005
The Saudi British Bank (SABB) has invited applications for scholarships under the SABB Scholarship Scheme for the year 2005 from candidates wishing to pursue MBA courses in the UK. The Scheme is open to all Saudi male and female graduates between 28 –35 years with degrees from recognised universities who wish to join for higher studies to improve their long-term career positions.
Mr Bleihid N Al Bleihid, General Manager Human Resources, said: "The SABB Scholarship Scheme for 2005-2006 underlines the Bank's deep rooted interest in the long term development of the Kingdom and its people. SABB was the first Saudi company to introduce such an educational programme -- in 1997 -- enabling Saudis to obtain higher education in the UK.”
Mr Al Bleihid added, “The SABB Scholarship Scheme is one of the most prominent schemes to serve the community since SABB provides the tuition fees, accommodation and living expenses, travel allowance and a daily allowance for the selected candidates.”
A booklet with full details on the Scheme for the year 2005-2006 has been issued to many public and private organisations. Those who are interested to apply may obtain all the necessary details and the application on Bank's website underHuman Resources Section , SABB Scholarship Scheme .
18 September 2004
The Saudi British Bank (SABB) rated “Best Bank in the Kingdom for the year 2004”
Complementary to its successes and achievements, The Saudi British Bank has been recently rated as the “Best Bank in the Kingdom of Saudi Arabia for 2004” for the second year in a row by the Euromoney Magazine. The award was handed to SABB at a ceremony held in London.
Commenting on the event, Sheikh Abdullah Mohamed Al-Hugail, Chairman of SABB said the Euromoney award represents another landmark added to the series of successes achieved by SABB last of which was the appointment of SABB as flotation manager for NCCI IPO. This achievement is also a result of the Bank’s pursuance of its “Customer First” policy and reflects the continuous efforts exerted by the Bank to provide high quality services to its customers who had always been put first.
Mr. Sulaiman Al-Hamdan, Deputy Managing Director - Financial Services, expressed his happiness for the award and praised the efforts of all staff for their contributions as a team in achieving such success. He further added “the award represents an appreciation of the Bank’s efforts across many sectors including Customer Service and Employment of Saudi Nationals which stands now at 80% of the total number of staff, as well as the Bank’s introduction of the latest banking technology to facilitate the provision of a wide array of services and products to meet the requirements of customers which stresses the bank’s leadership in the Saudi banking sector."
05 September 2004
The Saudi British Bank (SABB) – Economic Bulletin 2Q’04
The Saudi British Bank (SABB) has issued its latest bi-lingual (Arabic and English) Saudi Economic Bulletin, Issue No.32 - for the 2nd quarter of 2004.
In this bulletin a number of important topics are covered such as major developments in the world oil market, trends in the economy alongside the targets of the Seventh Development Plan & the longer-term vision (2020) embraced by the Saudi Government.
31 July 2004
The Saudi British Bank (SABB) to manage NCCI IPO
Following The Saudi British Bank’s (SABB) huge success in managing the STC IPO (Saudi Telecom Company Initial Public Offering) the Public Investment Fund has appointed SABB and the HSBC Group to provide financial and consultancy services with regard to The National Company for Cooperative Insurance (NCCI) intended IPO.
Speaking on the occasion, Mr. Sulaiman Al Hamdan, Deputy Managing Director Financial Services - SABB, thanked the Public Investment Fund for having selected SABB from all other Saudi banks, reflecting its technological superiority.
Mr. Al Hamdan added: “SABB’s success in STC IPO was mainly due to its technological capabilities and superior skills of its dedicated staff who had developed a highly specialised system to secure speed and ease of operation during the IPO”.
18 July 2004
The Saudi British Bank First Half 2004 Results
Highlights
Net profit of SAR830 million (US$221 million) for the six months ended 30 June 2004 – up SAR265 million (US$70 million) or 46.8 per cent over the same period in 2003.
Customer deposits of SAR39.3 billion (US$10.5 billion) at 30 June 2004 – up SAR2.8 billion (US$0.8 billion) or 7.7 per cent compared to 30 June 2003.
Loans and advances to customers of SAR28.0 billion (US$7.5 billion) at 30 June 2004 – up SAR4.7 billion (US$1.3 billion) or 20.2 per cent compared to 30 June 2003.
Total assets of SAR50.0 billion (US$13.3 billion) at 30 June 2004 – up SAR3.0 billion (US$0.8 billion) or 6.4 per cent compared to 30 June 2003.
Earnings per share of SAR16.60 (US$4.43) for the six months ended 30 June 2004 – up 46.8 per cent from SAR11.30 (US$3.01) over the same period in 2003 (Earnings per share for the half year ended 30 June 2003 have been restated as a result of the 1-for-4 bonus share issue in March 2004).
Commentary
The Saudi British Bank (SABB) recorded a net profit of SAR830 million (US$221 million) for the six months ended 30 June 2004. This represents an increase of 46.8 per cent over the SAR565 million (US$151 million) earned in the same period in 2003. Earnings per share increased to SAR16.60 (US$4.43) compared to SAR11.30 (US$3.01) for the same period last year.
Customer deposits increased to SAR39.3 billion (US$10.5 billion) at 30 June 2004 from SAR36.5 billion (US$9.7 billion) at 30 June 2003.
Loans and advances to customers increased to SAR28.0 billion (US$7.5 billion) at 30 June 2004 from SAR23.3 billion (US$6.2 billion) at 30 June 2003.
The bank’s investment portfolio totalled SAR15.4 billion (US$4.1 billion) at 30 June 2004, a decrease from SAR19.6 billion (US$5.2 billion) at 30 June 2003, as proceeds from maturing investments have been reinvested in the loan portfolio.
Geoff Calvert, managing director, said: “The bank has maintained its strong start to 2004. Operating revenues continue to grow strongly, especially non-funds income which has benefited from record volumes in the local equity markets. Overheads remain in line with our expectations. Provisions for credit losses remain well below the same period in 2003 reflecting the quality of our loan portfolio. Capital and liquidity positions remain strong.
“All areas of the bank are performing well and customer satisfaction levels remain high. We continue to look for new opportunities to enhance our service and product offerings.
“The Directors have approved the payment of a net interim dividend of SAR9.00 per share (gross dividend of SAR9.41 per share). This represents a total gross interim dividend payment of SAR470.5 million, an increase of 25.8 per cent compared to the same period last year.
“We thank our customers for their continued support, and our staff for their commitment and contribution to the bank’s success.”
Media enquiries to:
Abdulaziz Al-Manie
The Saudi British Bank
Tel: +966 (01) 405-0677 Ext. 4310
Email: abdulazizalmanie@sabb.com
Click here for First Half 2004 Results
14 July 2004
SABB launches UAE Equity Trading Service
In a step to provide Saudi and local resident investors, wishing to invest in equities, with wider investment opportunities, The Saudi British Bank has recently launched the UAE Equity Trading Service for the first time in the KSA.
Commenting on this occasion, the Country Head-Business Development, Mr Ihsan A.Bafakih said “ the UAE equity trading service is being introduced to meet the requirements of the bank’s customers, wishing to diversify their investments and benefit from the high profitability posted by Gulf money markets - which have recorded high returns, ranging between 4.6% and 35.6%. This service is the beginning of a plan to extend the trading service to cover all other Gulf equities “.
He added “ This service, which can be accessed through SABB Investment Centers, will provide Saudi and local resident investors, with additional investment opportunities and profitability, along with the opportunities provided by the bank to its customers in the American, European, Asian and Japanese markets”.
SABB investment services have achieved many successes and won many awards, the last of which was the top ranking on the list of the winner banks of the Saudi Investment Funds competition awards for 2003, held by the Investment Committee - consisting of members from Saudi Banks under the supervision of SAMA. SABB won 13 prizes for the year 2003, the most prestigious of which was the First Award of Saudi Equities. SABB has also achieved the first position, for the year 2003, as Best Fund Manager for 1 and 3 years and for the Best Fund of Funds (SABB Portfolios), the second position as the Best Fund Manager for 1 year, for 2003, and the third position as Best Fund Manager for 3 years respectively.
29 June 2004
The Saudi British Bank Distributes SAR470.5 Million As Interim Dividend For The First Half Of 2004
The Chairman of The Saudi British Bank (SABB), Sheikh Abdullah Bin Mohammed Al-Hugail, has announced that the bank’s Board of Directors has approved the distribution of a net interim dividend of SAR 9 per share after deduction of Zakat. This will result in a total gross interim dividend payment of SAR470.5 million, representing an increase of 25.8 per cent over the same period last year.
Dividends will be credited on Wednesday 14 July 2004 to the accounts of shareholders on the bank’s share registry on Tuesday 6 July 2004 who maintain accounts with SABB and whose details are available at the share registry.
Shareholders maintaining accounts with other banks, and who have provided details to the share registry, will have dividends transferred to those accounts. Shareholders who have not provided the share registry with account details should contact their nearest SABB branch with appropriate identification to receive their dividends. They may also provide the share registry with details of their accounts to enable the bank to credit dividends to those accounts in the future.
28 June 2004
SABB Selects Scholarship Candidates
The Saudi British Bank (SABB) has announced the selection of candidates to be sponsored for post-graduate MBA courses in the UK under the SABB Scholarship Scheme for 2004-2005. The candidates all of whom are Saudis come from varied backgrounds and different employers – will start their courses in September of this year.
Mr Bleihid N Al-Bleihid, General Manger Human Resources, said: "The SABB Scholarship Scheme underlines the Bank's deep rooted interest in long term development of the Kingdom and its people. The program does not stipulate that the candidate should be a SABB staff; the program instead, is open for all qualified Saudi employees. He added that the program is considered one of SABB' major contributions and commitments to the Saudi community, as the Bank bears responsibility for the full study fees, living and travel expenses in addition to a per diem allowance."
SABB was the first Saudi company to introduce such an educational program, in 1997, enabling Saudis to obtain higher education in the UK. On completion of their respective courses candidates are free to join any organisation of their choice. Around 34 Saudis have been provided with scholarships under the Scheme by SABB till now."
Mr Al Bleihid added, "Saudi companies and institutions, regardless of their activities, should involve themselves in the educational development of the Saudi citizens following the example set by SABB which has established this ambitious Scheme in spite of the fact that its principal interest is in commercial and investment banking services."
17 April 2004
The Saudi British Bank First Quarter 2004 Results
Highlights
Net profit of SAR359 million (US$96 million) for the quarter ended 31 March 2004 – up SAR83 million (US$22 million) or 30.3 per cent over the same period in 2003.
Customer deposits of SAR37.2 billion (US$9.9 billion) at 31 March 2004 – up SAR3.0 billion (US$0.8 billion) or 8.8 per cent over 31 March 2003.
Loans and advances to customers of SAR27.2 billion (US$7.3 billion) at 31 March 2004 – up SAR4.8 billion (US$1.3 billion) or 21.4 per cent over 31 March 2003.
Total assets of SAR49.8 billion (US$13.3 billion) at 31 March 2004 – up SAR2.7 billion (US$0.7 billion) or 5.7 per cent over 31 March 2003.
Earnings per share of SAR7.18 (US$1.92) for the quarter ended 31 March 2004 – up 30.3 per cent from SAR5.51 (US$1.47) over the same period in 2003.
Earnings per share for the quarter ended 31 March 2003 have been restated as a result of the 1-for-4 bonus share issue in March 2004.
Commentary
The Saudi British Bank (SABB) recorded a net profit of SAR359 million (US$96 million) for the quarter ended 31 March 2004. This represents an increase of 30.3 per cent over the SAR276 million (US$74 million) earned in the quarter ended 31 March 2003. Earnings per share increased to SAR7.18 (US$1.92) compared to SAR5.51 (US$1.47) for the first quarter of 2003.
Customer deposits increased to SAR37.2 billion (US$9.9 billion) at 31 March 2004 from SAR34.2 billion (US$9.1 billion) at 31 March 2003.
Loans and advances to customers increased to SAR27.2 billion (US$7.3 billion) at 31 March 2004 from SAR22.4 billion (US$6.0 billion) at 31 March 2003.
The bank’s investment portfolio totalled SAR17.4 billion (US$4.6 billion) at 31 March 2004, a decrease from SAR20.4 billion (US$5.4 billion) at 31 March 2003, as proceeds from sales and maturities have been reallocated to meet the growth in the loan portfolio.
Geoff Calvert, managing director, said: “The Saudi British Bank has made a strong start to 2004. Operating revenues are well above the same period in 2003 while at the same time operating costs have been contained. Provisions for credit losses remain low reflecting the quality of our loan portfolio. Capital and liquidity positions remain strong.
“All areas of the bank are performing well. Demand for corporate and personal lending products remains strong, particularly for our Al Amanah Islamic banking products. During the quarter, the bank launched a new Al Amanah Islamic deposit product, ‘Murabaha Investment Account’, which has been well received by the market.
“We thank our customers for their continued support, and our staff for their commitment and contribution to the bank’s success.”
Media enquiries to:
Abdulaziz Al-Manie
The Saudi British Bank
Tel: +[966] (01) 405-0677 Ext. 4310
Email: abdulazizalmanie@sabb.com
Click here for First Quarter 2004 Results
13 April 2004
The Saudi British Bank (SABB) and Sejel Technology Co. (Sejel) to provide ePayments Service to receive the value of Umrah Visas Worldwide
The Ministry of Hajj is making efforts to complete the reorganisation of Umrah procedures and to finalise the use of e-government technology to improve the Umrah pilgrimage visa process.
In this regard, an agreement has been signed by The Saudi British Bank (SABB) and Sejel Technology Co.Ltd. (Sejel) to electronically handle payments of Umrah Visa Fees on a global basis. Sejel Technology operates the Umrah Network and Information Center under license from the Ministry of Hajj.
The arrangement between Sejel and SABB will enable pilgrims to electronically apply and pay for their Umrah packages through authorised agents outside the Kingdom of Saudi Arabia where the pilgrims will receive the Umrah services.
“We are proud to be associated with this prestigious ePayments project that will benefit Umrah pilgrims around the world,” said Mr. Geoff Calvert, Managing Director of SABB. “The dedicated efforts of the Ministry of Hajj to improve the Umrah visa process are highly commendable and we hope to contribute to their success”.
As a leading provider of cash management and eBusiness solutions in the Kingdom, SABB has used its technology expertise to develop a customised solution for Umrah Visa Fee payments. This solution will be implemented through electronic channels as well as the 75 branches of SABB in Saudi Arabia and the HSBC Group’s global network of more than 9,500 offices in 79 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
30 March 2004
SABB Holds Staff Annual Party
The Saudi British Bank (SABB) has recently held the Annual Party for its Head Office and Central Province staff at the Riyadh – Intercontinental Hotel, a function that was attended by Mr Geoff Calvert, Managing Director. Present at the function also were Mr Sulaiman Al-Hamdan, Deputy Managing Director – Financial Services and other SABB Senior Executives.
Mr Abdulaziz Al-Manie, Head of Corporate Communication & Marketing, said: “The SABB Annual Party celebrations are in appreciation of the role its employees play in furthering the Bank’s interests through their professionalism and dedication to customer needs and interests. These occasions provide employees a relaxed atmosphere to interact with each other thereby building relationships and cooperation between them. The function is also an excellent venue to honour staff members with long-service awards.”
In addition to the awards presentation, the party schedule included an address by Mr Geoff Calvert, distribution of a number of lucky prizes and entertainment.
28 March 2004
The Saudi British Bank (SABB) – Saudi Economic Bulletin 4Q’03
The Saudi British Bank (SABB) has issued its latest bilingual (Arabic and English) Saudi Economic Bulletin, Issue No.30 - for the 4th quarter of 2003.
In this bulletin a number of important topics are covered such as recent fiscal budget statement, IMF's consultation document on Saudi economy, analyses the changing trade patterns & trends in foreign investment taking place in the kingdom.
22 March 2004
SABB signs contract for the Head Office extension project
The Saudi British Bank (SABB) has recently signed a construction contract for the extension of its Head Office building at Sharia Dhabab in Riyadh.
The contract was signed with Al-Suwaih Trading and Contracting Company in a symbolic ceremony attended from the Bank’s side by the Mr. Geoff Calvert, Managing Director, Mr. David Dew, Executive Director & Chief Operating Officer, Mr. Sulaiman Al-Hamdan, Deputy Managing Director, Financial Services and a number of Senior executives and from the Contractor’s side by Engineer Suleiman Al-Suwaih, General Manager, Al-Suwaih Trading and Contracting Company and Engineer Ahmad Al-Abdul Karim, General Manager, Al-Sharq Consulting Office, the project’s consultant.
Engineer Abdulrahman Al-Manaa, General Manger Property & Support Services, SABB, while unveiling the plans said: the new extension will be constructed on a land of 2,770 square meter area; adjacent to the existing Head Office building on the eastern side and linked therewith at all floors by means of bridges. The new building will consist of 3 under ground floors, as car parking and seven floors above the ground as offices scheduled for completion by end of 2005. The departments currently located in other premises will be moved to the new premises - to be occupied in the first quarter of 2006.
Mr. Geoff Calvert, Managing Director, SABB signed the contract with Engineer Suleiman Al-Suwaih, General Manager, Al-Suwaih Trading and Contracting Company. The attendees then moved to the construction site, and Mr Geoff Calvert gave the go-ahead signal for the commencement of the project works.
02 March 2004
The Saudi British Bank 2003 annual results
Highlights
Net profit of SAR1,258 million (US$335 million) for the year ended 31 December 2003 – up SAR286 million (US$76 million) or 29.4 per cent over 2002.
Customer deposits of SAR36.1 billion (US$9.6 billion) at 31 December 2003 – up SAR1.1 billion (US$0.3 billion) or 3.1 per cent over 31 December 2002.
Loans and advances to customers of SAR26.1 billion (US$7.0 billion) at 31 December 2003 – up SAR5.7 billion (US$1.6 billion) or 27.9 per cent over 31 December 2002.
Total assets of SAR46.1 billion (US$12.3 billion) at 31 December 2003 compared with SAR46.2 billion (US$12.3 billion) at 31 December 2002.
Earnings per share of SAR31.45 (US$8.39) for the year ended 31 December 2003 – up 29.4 per cent from SAR24.31 (US$6.48) over 2002.
Commentary
The Saudi British Bank (SABB) recorded a net profit of SAR1,258 million (US$335 million) for the year ended 31 December 2003. This represents an increase of 29.4 per cent over the SAR972 million (US$259 million) earned in 2002. Earnings per share for the year ended 31 December 2003 increased to SAR31.45 (US$8.39) compared to SAR24.31 (US$6.48) for 2002.
Customer deposits increased to SAR36.1 billion (US$9.6 billion) at 31 December 2003 from SAR35.0 billion (US$9.3 billion) at 31 December 2002.
Loans and advances to customers increased to SAR26.1 billion (US$7.0 billion) at 31 December 2003 from SAR20.4 billion (US$5.4 billion) at 31 December 2002.
The bank’s investment portfolio totalled SAR16.0 billion (US$4.3 billion) at 31 December 2003, a decrease from SAR20.4 billion (US$5.4 billion) at 31 December 2002, as proceeds from sales and maturities have been reallocated to meet the growth in the loan portfolio.
Geoff Calvert, managing director of SABB, said: “Growth in operating revenues has been robust and operating costs have been contained. Capital and liquidity positions remain strong; the credit quality of our loan portfolio remains sound.
“All our banking services continue to show solid growth. Demand for our Al Amanah Islamic banking products has been strong and we have successfully expanded the product range.
“In 2003, the bank received Euromoney awards for the ‘Best Bank’ and the ‘Best Equities House’ in Saudi Arabia.
“The Board has recommended a bonus issue of one share for every four and a final net dividend of SAR11 per share. The total net dividend for 2003 will amount to SAR20 per share as an interim net dividend of SAR9 per share was paid in August 2003. However, the bonus shares issued will not be eligible for dividends issued in respect of 2003.
“We would like to thank our customers for their support during the year and to thank our staff for their continued commitment to customer service, which is reflected in these results.”
Media enquiries to:
Abdulaziz Al-Manie
The Saudi British Bank
Tel: +[966] (01) 405-0677 Ext. 4310
Email: abdulazizalmanie@sabb.com
Click here for 2003 Year End Results
27 January 2004
The Saudi British bank announces the date for distribution of dividends and bonus shares
The Saudi British Bank (SABB) has announced that the dividends for the second half of the year 2003 will be paid to the shareholders registered in the Bank’s share registry as of 3 Muharam 1425 corresponding to 23 Feb 2004 (as per Umm Al-Qura) after the approval of the proposed percentage by the Ordinary General Meeting. Similarly, the bonus shares will be available for the shareholders registered in the Bank’s share registry as at the end of 24 Muharram 1425 corresponding to 15 March 2004 (as per Umm Al-Qura) once approved by the Extra-Ordinary General Meeting.
The Ordinary and Extra- Ordinary General Meetings will be held on Monday 24 Muharam 1425 corresponding to 15 March 2004 (as per Umm Al-Qura) at the Bank’s head office in Riyadh to review the agendas of the Ordinary and Extra-Ordinary General Meetings.
17 January 2004
The Saudi British Bank Increases Paid-up Capital To SAR2,500 Million
The Board of Directors of The Saudi British Bank (SABB) has recommended a bonus issue of one share for every four shares held.
The issue is subject to shareholder approval at the bank’s EGM to be held on 15 March 2004. It is also subject to obtaining the necessary approvals from regulatory authorities.
Taking into account this bonus issue, SABB’s paid-up capital will increase by 25 per cent from SAR2,000 million (US$533 million) to SAR2,500 million (US$667 million). The new shares will not be eligible for dividends in respect of 2003 but will be entitled to share in distributions in respect of 2004 onwards.
Sheikh Abdullah Al Hugail, chairman of The Saudi British Bank, said: “This issue highlights the strength of the bank’s capital base and market position.”
10 January 2004
