JEDDAH – The Saudi British Bank (SABB) recorded a net profit of SR3.24 billion for the year ended Dec. 31, 2012, an increase of SR352 million or 12.2 percent compared to SR2.89 billion for the same period in 2011. SABB recorded a net profit of SR815 million in the fourth quarter of 2012, an increase of SR160 million or 24.3 percent as compared to the previous quarter, which amounted to SR656 million. Operating income reached SR5.17 billion for the whole year, an increase of SR268 million, or 5.5 percent, compared with SR4.90 billion for the same period in 2011. Customer deposits hit SR120.4 billion, an increase of SR14.8 billion in 2012, or 14.1 percent, compared with SR105.6 billion last year. Loans and advances to customers amounted to SR96.1 billion, an increase of SR11.3 billion, or 13.3 percent, from SR84.8 billion a year ago. The bank's investment portfolio totaled SR27.6 billion, an increase of 24.3 percent compared with SR22.2 billion last year. Total assets jumped to SR156.7 billion as of Dec. 31, 2012, compared with SR138.7 billion a year ago, an increase of 13 percent or SR18.0 billion. Earnings per share is SR3.24 in 2012 against SR2.89 (adjusted to bonus share issue 1 for 3 shares as a result of the bank's capital increase to SR10 billion) last year. Sheikh Khaled Olayan, Chairman of SABB, said: “SABB's strategy of diversifying its income streams and controlling its costs effectively ensured another strong financial performance in 2012. SABB has continued to focus on strong asset quality while maintaining healthy 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.” — SG
