The Saudi British Bank (SABB) recorded a net profit of SR854 million for the quarter ended March 31, 2012, an increase of SR103 million or 13.7 percent compared to SR751 million for the same period in 2011, the bank said in a statement Tuesday. Net profit increased SR199 million or 30.4 percent as compared to the three months ended Dec. 31, 2011, which amounted to SR655 million. The bank registered operating income of SR1,235 million for the first quarter of 2012, an increase of SR15 million, or 1.2 percent compared with SR1,220 million for the same period in 2011. Customer deposits reached SR111.6 billion, an increase of SR14.7 billion or 15.2 percent, compared with SR96.9 billion in the first quarter of last year. Loans and advances to customers hit SR91.2 billion, an increase of SR15.0 billion or 19.7 percent from SR76.2 billion in the same period last year. The bank's investment portfolio, however, totaled SR23.6 billion, a decrease of 3.7 percent compared with SR24.5 billion in the period under review. Total assets were SR144.0 billion in the first quarter of 2012, compared with SR126.0 billion in the same period last year, an increase of 14.3 percent or SR18.0 billion. Earning per share is SR0.85 against SR0.75 (adjusted to bonus share issue 1 to 3 shares) for the corresponding quarter of the previous year. Sheikh Khaled Olayan, Chairman of SABB, said: "SABB's diversified income streams, ongoing cost controls and emphasis on booking quality assets ensured another strong financial performance for the quarter ended March 31, 2012. Our commitment to supporting our customers enabled us to record significant balance sheet growth while maintaining strong capital and liquidity ratios, further supported by our successful sukuk issuance in March." "We thank our customers for their continued support and our staff for their commitment and contribution to the bank's success," he added.
