SABB’s profits up 17 percent in 2002
The Saudi British Bank (SABB) recorded a net profit of 972 million Saudi riyals ($259 million) for 2002. This represents an increase of 17.1 percent over the SR 830 million ($221 million) earned in 2001. Earnings per share increased to SR 24.31 ($6.48) compared to SR 20.75 ($5.53) for 2001.
Customer deposits increased to SR 35.0 billion last year from SR 31.5 billion in 2001, reflecting growth in demand deposits. Loans and advances to customers increased to SR 20.4 billion from SR 16.0 billion during the same period, reflecting growth across all major loan products.
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)