The Saudi British Bank (SABB) reported a net profit of SAR 4,331 million for the year ended 31 December 2015, an increase of SAR 65 million or 1.5% compared to SAR 4,266 million last year.
SABB reported a net profit of SAR 939 million for the three months ended 31 December 2015; a decrease of SAR 30 million or 3.1% compared to the three months ended 31 December 2014 of SAR 969 million.
Operating income of SAR 6,631 million for the year ended 31 December 2015 increased SAR 129 million, or 2.0%, compared with SAR 6,502 million last year.
Customer deposits of SAR 148.6 billion at 31 December 2015 increased SAR 2.7 billion, or 1.9%, compared with SAR 145.9 billion at 31 December 2014.
Loans and advances to customers of SAR 125.4 billion at 31 December 2015 increased SAR 10.2 billion, or 8.9%, from SAR 115.2 billion at 31 December 2014.
Total investment portfolio of SAR 35.4 billion at 31 December 2015 decreased SAR 9.9 billion, or 21.8%, from SAR 45.3 billion at 31 December 2014.
Total assets of SAR 187.8 billion at 31 December 2015 increased SAR 0.2 billion, or 0.1%, from SAR 187.6 billion at 31 December 2014.
Earnings per share is SAR 2.89 for the year ended 31 December 2015 compared to SAR 2.84 (adjusted for bonus share issuance in the ratio of 1:2) last year.
Commenting on the results, Sheikh Khaled Olayan, Chairman of SABB, said “the solid financial results reflect SABB’s consistent focus on revenue growth and risk management in line with our strategic objectives. SABB’s customer satisfaction levels and industry awards reflect our leading international bank position. SABB’s strong capital and liquidity position, together with strong credit ratings, continue to support our growth strategies and our ability to enhance shareholder value as business opportunities arise”.
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.”