The Saudi British Bank “SABB” recorded a net profit of SAR 1,039 million for the quarter ended 31 March 2018. This is an increase of SAR 3 million or 0.3% compared to SAR 1,036 million for the same period in 2017 and an increase of SAR 333 million or 47.2% compared to SAR 706 million for the three months ended 31 December 2017.
Operating income of SAR 1,774 million for the quarter ended 31 March 2018, a decrease of SAR 50 million, or 2.7%, compared to SAR 1,824 million for the same period in 2017.
Loans and advances to customers of SAR 116.5 billion at 31 March 2018, a decrease of SAR 3.0 billion, or 2.5%, from SAR 119.5 billion at 31 March 2017.
Customers’ deposits of SAR 135.4 billion at 31 March 2018, a decrease of SAR 6.2 billion, or 4.4%, compared with SAR 141.6 billion at 31 March 2017.
The bank’s investment portfolio of SAR 31.8 billion at 31 March 2018, an increase of SAR 8.0 billion, or 33.6%, from SAR 23.8 billion at 31 March 2017.
Total assets of SAR 182.6 billion at 31 March 2018, a decrease of SAR 2.7 billion, or 1.5% from SAR 185.3 billion at 31 March 2017.
Earnings per share is SAR 0.69 compared to SAR 0.69 for the corresponding quarter of the previous year.
Commenting on the results, Sheikh Khaled Olayan, Chairman of SABB, said "As the Leading International Bank in the Kingdom, SABB continued to demonstrate strong resilience through its first quarter results. The SABB Board and its management team are focussed on growing shareholder value and contributing to the national economic transformation agenda. The Bank remains well capitalised and highly liquid."
Sheikh Khaled further added, “I would like to thank our customers, shareholders and staff 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."