JEDDAH — The Saudi British Bank (SABB) recorded a net profit of SR1,115 million for the quarter ended 31 March 2015. This is an increase of SR34 million or 3.2% compared to SR1,081 million for the same period in 2014, and an increase of SR146 million or 15.0% compared to SR969 million for three months ended 31 December 2014. Operating income registered SR1,717 million for the quarter ended 31 March 2015 – an increase of SR96 million, or 5.9 %, compared with SR1,621 million at 31 March 2014. Loans and advances to customers reached SR120.4 billion as of March 31, 2015 – an increase of SR10.5 billion, or 9.6 %, from SR109.9 billion in the same period last year. Customer deposits hit SR149.0 billion as of 31 March 2015 – an increase of SR12.0 billion, or 8.8 %, compared with SR137.0 billion in the year ago period. The bank's investment portfolio reached SR47.3 billion– an increase of SR9.2 billion, or 24.0 %, from SR38.1 billion in the period under review. Total assets increased by SR14.8 billion to SR190.2 billion, an increase of 8.4 % from SR175.4 billion from the period last year. Earnings per share is SR0.74 against SR0.72 (adjusted for bonus share issuance in the ratio of 1:2) for the corresponding quarter of the previous year. 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 strategy and our ability to enhance shareholder value as business opportunities arise” — SG
