Saudi British Bank announces first half 2002 results
The Saudi British Bank (SB) recorded a net profit of 486.7 million Saudi royals ($129.8 million) for the six months ended June 30, 2002. This represents an increase of 15.2 percent over the SR422.5 million ($112.7 million) earned in the same period in 2001. Earnings per share increased to SR12.17 ($3.25) compared to SR10.56 ($2.82) for the same period last year.
Customer deposits increased to SR33.1 billion ($8.8 billion) at June 30, 2002 from SR30.5 billion ($8.1 billion) at June-end 2001, reflecting increased liquidity in the market. Loans and advances to customers were higher at SR18.6 billion (five billion dollars) at June 30, 2002 from SR16.1 billion ($4.3 billion) at June-end 2001 as personal credit growth remained robust and growth in corporate credit was achieved. The bank's investment portfolio totaled SR21.5 billion ($5.7 billion) at June 30, 2002, a small increase from SR21.4 billion ($5.7 billion) the same time the previous year.
David Hodgkinson, managing director, said: “Our results for the first six months are encouraging. Operating revenues, excluding gains on investments, continue to grow despite the low interest rate environment. While operating costs were contained, our capital and liquidity ratios remain sound.”
“Our Al-Amanah range of Islamic banking products has been well received. We now have three branches dedicated to this area, in addition to 17 outlets which also provide Al-Amanah banking services,” he added.
The Directors have approved the payment of a net interim dividend of eight SR per share (gross dividend SR8.31 per share). This will result in a total gross interim dividend pay out of SAR332.4 million. — (menareport.com)
© 2002 Mena Report (www.menareport.com)