The Saudi British Bank (SABB) reported a net profit of SR939 million for the three months ended 31 December 2015, a decrease of SR30 million or 3.1% compared to the three months ended 31 December 2014 of SR969 million. However, for the whole year, the bank recorded a net profit of SR4,331 million, an increase of SR65 million or 1.5% compared to SR4,266 million in 2014. Operating income of SR6,631 million for the year ended 31 December 2015 increased SR129 million, or 2.0%, compared with SR6,502 million last year. Customer deposits of SR148.6 billion as of 31 December 2015 increased SR2.7 billion, or 1.9%, compared with SR145.9 billion as of 31 December 2014. Loans and advances to customers of SR125.4 billion as of 31 December 2015 increased SR10.2 billion, or 8.9%, from SR115.2 billion as of 31 December 2014. Total investment portfolio of SR35.4 billion as of December 2015 decreased SR9.9 billion, or 21.8%, from SR45.3 billion as of 31 December 2014. Total assets of SR187.8 billion as of 31 December 2015 increased SR0.2 billion, or 0.1%, from SR187.6 billion as of 31 December 2014. Earnings per share is SR2.89 for the year ended 31 December 2015 compared to SR2.84 (adjusted for bonus share issuance in the ratio of 1:2) last year. Commenting on the results, Sheikh Khaled Olayan, Chairman of SABB, said "the solid financial results reflect SABB's consistent focus on revenue growth and risk management in line with our strategic objectives. SABB's customer satisfaction levels and industry awards reflect our leading international bank position. SABB's strong capital and liquidity position, together with strong credit ratings, continue to support our growth strategies and our ability to enhance shareholder value as business opportunities arise." "I would like to thank our customers, staff and shareholders for their continued support and commitment. I would also like to express my sincere thanks and appreciation to our regulators and government ministries for their continued guidance and vision," he added. — SG
