THE Saudi British Bank (SABB) recorded a net profit of SR2.8 billion for the nine months ended Sept. 30, 2013, an increase of SR373 million or 15.4 percent compared to SR2.43 billion for the same period in 2012. SABB recorded a net profit of SR846 million for the three months ended Sept. 30,2013, an increase of SR190 million or 29.0 percent as compared to the three months ended Sept. 30, 2012, which amounted to SR656 million. Operating income of SR4.41 billion for the nine-month period, an increase of SR475 million, or 12.1 percent compared with SR3.94 billion for the same period in 2012. Customer deposits of SR129.9 billion, an increase of SR10.2 billion, or 8.5 percent, compared with SR119.7 billion in the same period last year. Loans and advances to customers of SR107.8 billion, an increase of SR10.0 billion, or 10.3 percent, from SR97.8 billion over a year ago. The bank's investment portfolio totaled SR31.0 billion as of Sept. 30, 2013, an increase of 5.7 percent compared with SR29.3 billion over the same period last year. Total assets were SR166.3 billion, compared with SR156.2 billion in the period covered, an increase of 6.4 percent or SR10.1 billion. Earning per share is SR2.80 against SR2.42 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 another strong financial performance for the nine months ended 30 September 2013. SABB has continued to focus on booking quality business while preserving strong asset quality, capital and liquidity positions.” “We would again like to thank our customers for their continued support and our staff for their commitment and contribution to the bank's success,” he added. — SG
