Saudi British Bank, a 40 percent indirectly held associate of HSBC Holdings plc announced that the company declared a net profit of SR760 million for the three months of 2009, an improvement of SR3 million, or 0.4 percent, compared to SR757 milion for the comparable period in 2008. For the first quarter of 2009, SABB's operating income was SR1,286 million, a growth of SR95 billion, or 8.0 billion, as compared with SR1.191 billion for the corresponding period first quarter net profit increased to $203 million (SR760 million) from $202 million in the prior year quarter, or a 0.4 percent increase compared with the first quarter of 2008 and a SR103 million or 15.7 percent increase compared with the fourth quarter of 2008. For the first quarter of 2009, SABB's operating income was SR1.286 billion, a growth of SR95 million, or 8.0 percent, as compared with SR1,191 millionfor the corresponding period of 2008. Earnings per share for the quarter rose to $0.2702 from $0.2691 in the same period previous year. Quarterly operating income jumped 8 percent to $343 million from $318 million in the year-ago quarter. Net special commission income has grown by SR27 million or 3.1 percent compared to the first quarter of 2008 reflecting corporate asset growth and lower funding costs. Despite a fall in income from the brokerage and mutual funds businesses, total non-funds income grew by SR68 million or 20.2 percent compared to the first quarter of 2008 reflecting strong foreign exchange and trade-related business. Earnings per share of SR1.0133 were reported for the three months ended 31 March 2009, an increase of 0.4 percent percent from SR1.0093 for the first quarter of 2008. Earnings per share have been adjusted to reflect a 3:5 bonus issue approved April 27, 2008 and a 1:4 bonus issue approved at an extraordinary general meeting held on March 10, 2009. Operating income hit SR1,286 million for the three months of 2009 - up SR95 million, or 8.0 percent, compared with SR1,191 million for the same period in 2008. Customer deposits reached SR96.6 billion - up SR18.2 billion, or 23.2 percent, compared with SR78.4 billion a year ago.
