SABB’s net profit up 17 percent in 1Q 2003
The Saudi British Bank (SABB) recorded a net profit of 276 million Saudi riyals ($74 million) for the first quarter of 2003. This represents an increase of 17.4 percent over the SR 235 million ($63 million) earned in the same period in 2002. Earnings per share increased to SR 6.89 compared to SR 5.87 for the first quarter of 2002.
Customer deposits increased to SR 34.2 billion in the first three months of the year from SR 32.1 billion during the same period in 2002. Loans and advances to customers were higher at SR 22.4 billion compared to SR 17.3 billion during the same period.
SABB was established in 1978 as a Joint Stock Company. The Bank formally commenced operations with the taking over the British Bank of the Middle East in Saudi Arabia. The bank operates through a network of 81 locations, which includes a branch in London and 13 women branches. SABB is an associated company of the HSBC Group, one of the world's largest banking and financial organizations. — (menareport.com)
© 2003 Mena Report (www.menareport.com)