Saudi British Bank profits rise 20 percent in first quarter 2002
The Saudi British Bank (SABB) recorded a net profit of 235 million Saudi riyals ($62.7 million) for the first quarter of the financial year 2002, which ended March 31. This represents an increase of 20.1 percent over the same period in 2001, when the bank recorded a SR195.7 million net profit.
The bank reported operating income, excluding investment income, rose 8.1 percent to SR428.2 million ($114.2 million) in the first quarter of 2002 compared with the corresponding period the previous year. Earnings per share increased to SR5.87 ($1.57) compared to SR4.89 ($1.3) for the first quarter of 2001.
Customer deposits increased to SR32.1 billion ($8.6 billion) at March-end 2002, up 6.3 percent on the previous year, while loans and advances to customers increased by 6.1 percent to SR17.3 billion ($4.6 billion).
Total value of investment portfolio stood at SR22.0 billion ($5.9 billion) at 31 March 2002, up SR3.7 billion ($1.0 billion) or 20.2 percent over 31 March 2001. Total assets rose 4.9 percent to SR43.1 billion ($11.5 billion) at 31 March 2002.
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 recorded a net profit of 830 million Saudi Riyals ($221 million) in 2001, up from SR87 million ($23 million) in 2000.
The Riyadh-based operates through a network of 81 locations, which includes a branch in London and 13 women branches. SABB is a 40 percent indirectly held associate of HSBC Holdings, one of the world's largest banking and financial organizations. The remainder is held by Saudi investors. — (menareport.com)
© 2002 Mena Report (www.menareport.com)