RIYADH – The Saudi British Bank (SABB) recorded a net profit of SR2,425 million for the nine months ended Sept. 30, 2012, an increase of SR192 million or 8.6 percent compared to SR 2,233 million for the same period in 2011. SABB recorded a net profit of SR656 million in third quarter of this year, a decrease of SR259 million or 28.3 percent as compared to the preceding quarter, which amounted to SR 915 million. Operating income amounted to SR3,938 million in the first nine months of 2012, an increase of SR161 million, or 4.3 percent, compared with SR 3,777 million for the same period in 2011. Customer deposits reached SR 119.7 billion at Sept. 30, an increase of SR18.9 billion, or 18.8 percent, compared with SR 100.8 billion in the year-ago period. Loans and advances to customers climbed to SR97.8 billion at Sept. 30, an increase of SR15.4 billion, or 18.8 percent, from SR82.4 billion in the preceding year period. The bank's investment portfolio totaled SR29.3 billion, an increase of 21.9 percent compared with SR24.1 billion at Sept. of last year. Total assets were SR156.2 billion compared with SR131.9 billion in the period under review, an increase of 18.4 percent or SR24.3 billion. Earnings per share rose SR2.42 in the first nine months of 2012 against SR2.23 (adjusted to bonus share issue 1 for 3 shares as a result of the bank's capital increase to SR10 billion) for the corresponding period of the previous year. Sheikh Khaled Olayan, Chairman of SABB, said: “SABB's strategy of diversifying its income streams and controlling its costs effectively ensured a strong financial performance for the nine months ended Sept. 30, 2012. SABB has continued to focus on booking quality assets and sustaining growth while preserving strong asset quality, capital and liquidity positions.” “We thank our customers for their continued support and our staff for their commitment and contribution to the bank's success,” he added. – SG
