SABB net profits in Q4 2010 up
The Saudi British Bank (SABB) has published its annual financial results for the period ended December 31, 2010. The Bank declared nets profit during the fourth quarter to the amount of SR397 million (some US$106 million), compared to SR26 million (US$7 million) for the same quarter of 2009, say an increase of 1427%. The net profit the 3rd quarter amounted to SR419 million, a decrease of 5.3%.
The total operating profit during the fourth quarter reached SR1,116 million compared to SR1.186 million for the same quarter of the previous year, a decrease of 5.9%. Investments at the end of 2010 amounted to SR25 billion compared to SR23.8 billion for the same period in 2009, i.e. an increase of 5%.
- What doesn't kill you, makes your stronger: why the Arab Bank is likely to emerge from the Israeli lawsuit 'unscathed with flying colors'
- Too foreign? An inside look into the struggles of foreign banks in Saudi Arabia
- A clash of civilizations: are foreigners newly entering the Saudi stock market about to face a culture shock?
- From tweets to public outrage: understanding Turkey's bitterness towards credit rating agencies
- A much-expected symptom? Arab banks to feel the pinch of the region's political turmoil