Saudi British Banks see record profits
Record profits for the Saudi British Bank (SABB) were recently posted for the first half of 2001, reports Jeddah Arab News. Profits for the year 1999 stood at 361 million Saudi riyals ($96 million), whereas this year’s revenues amount to SR 422 million ($113 million)—representing an increase of 17 percent.
Customer deposits amounted to SR 28.1 billion by the first half of 2000, while today they stand at nearly SR 30.5 billion, thus demonstrating a dramatic rise in liquidity of the national economy.
Furthermore, the value of SABB’s investment portfolio also climbed dramatically this year, reaching a total of SR 21.4 billion compared to a mere SR 16 billion in the corresponding period of last year.
Heightened profits are attributed to the bank’s continued investment of available capital to diversified market opportunities. In addition, strong oil prices and gas developments have contributed to increased economic activity in the Kingdom.
As a result of the current positive financial data, SABB is expected to provide stockholders in the near future with dividends in the amount of approximately SR 5 per share. –(MENA Report)
© 2001 Mena Report (www.menareport.com)