Saudi British Bank reports 11.7 percent rise in profits
The Saudi British Bank (SABB) recorded a net profit of 830 million Saudi riyals ($221 million) for the year ending December 31, 2001. This represents an increase of 11.7 percent over the SR743 million ($198 million) earned in the previous year, according to a bank statement.
Total assets dropped 3.4 percent to SR41.9 billion ($11.2 billion) from SR43.3 billion ($11.6 billion). Customer deposits increased to SR31.5 billion ($8.4 billion) at year-end 2001, up from SR28.4 billion ($7.6 billion) at 31 December 2000.
SABB Managing Director David Hodgkinson said: “Despite lower interest rates, an increase in operating revenues was recorded. The increase in net fees and commission was encouraging and ‘funds under management’ increased by 87 percent.”
Loans and advances to customers increased to SR16.0 billion ($4.2 billion) during the same period, up from SR15.9 billion ($4.2 billion) at year-end 2000. There has been a slow pick up in demand for commercial credit. The bank’s personal lending portfolio recorded steady growth.
The bank continued to deploy available liquidity in a diversified investment portfolio during 2001. As a result, the total value of the bank’s investment portfolio increased to SR21.8 billion ($5.8 billion) at 31 December 2001, from SR18.4 billion ($4.9 billion) at 31 December 2000. — (menareport.com)
© 2002 Mena Report (www.menareport.com)