SABB half year profit increase to SAR 2,293 Million

July 2016

The Saudi British Bank (“SABB”) recorded a net profit of SAR 2,293 million for the six months ended 30 June 2016. This is an increase of SAR 41 million or 1.8% compared to SAR 2,252 million for the same period in 2015. SABB recorded a net profit of SAR 1,151 million for the three months ended 30 June 2016, an increase of SAR 9 million or 0.8% compared to the three months ended 31 March 2016 of SAR 1,142 million.

  • Operating income of SAR 3,557 million for the six months ended 30 June 2016, an increase of SAR 165 million, or 4.9%, compared to SAR 3,392 million for the same period in 2015.
  • Loans and advances of SAR 131.1 billion at 30 June 2016 , an increase of SAR 4.1 billion, or 3.2%, from SAR 127.0 billion at 30 June 2015
  • Customers’ deposits of SAR 150.3 billion at 30 June 2016 ,a decrease of SAR 0.8 billion, or 0.5%, compared with SAR 151.1 billion at 30 June 2015.
  • Investments of SAR 28.1 billion at 30 June 2016 , a decrease of SAR 16.5 billion, or 37.0%, from SAR 44.6 billion at 30 June 2015.
  • Total assets of SAR 191.9 billion at 30 June 2016, a decrease of SAR 0.4 billion, or 0.2% from SAR 192.3 billion at 30 June 2015.
  • Earnings per share is SAR 1.53 compared to SAR 1.50 for the same period in 2015.

Commenting on the results, Sheikh Khaled Olayan, Chairman of SABB, said “the solid financial results reflect SABB’s consistent focus on revenue quality and risk managementin line with our strategic objectives. In response to an increasingly challenging economic environment and to support future growth opportunities, including the Kingdom’s 2030 Vision and National Transformation Program, SABB will continue to focus on maintaining a strong capital and liquidity position. SABB’s customer satisfaction levels and industry awards continue to reflect our leading international bank position.”

Sheikh Khaled further added, “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.”