The Saudi British Bank (SABB) recorded a net profit of SR1,142 million for the quarter ended March 31, 2016. This is an increase of SR27 million or 2.4% compared to SR1,115 million for the same period in 2015, and an increase of SR203 million or 21.6% compared to SR939 million for three months ended December 31, 2015. Operating income of SR1,796 million for the quarter ended March 31, 2016 – an increase of SR79 million, or 4.6 %, compared with SR1,717 million for the same period in 2015. Loans and advances to customers of SR130 billion as of March 31, 2016 – an increase of SR9.6 billion, or 8.0 %, from SR120.4 billion as of March 31, 2015. Customer deposits of SR151.5 billion as of March 31, 2016 – an increase of SR2.5 billion, or 1.7 %, compared with SR149.0 billion in the same period last year. The bank's investment portfolio of SR28.6 billion as of March 31, 2016 – a decrease of SR18.7 billion, or 39.5 %, from SR47.3 billion over the period in the preceding year. Total assets increased by SR1.6 billion to SR191.8 billion as of March 31, 2016 – an increase of 0.8 % from SR190.2 billion from a year ago period. Earnings per share is SR0.76 against SR0.74 for the corresponding quarter of the previous 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 continue to support our growth strategies and our ability to enhance shareholder value as business opportunities arise." Sheikh Khaled added "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." — SG
