THE Saudi British Bank (SABB) recorded a net profit of SR3,955 million for the year ended 31 December 2017. This is an increase of SR60 million or 1.5% compared to SR3,895 million for the year 2016. SABB recorded a net profit of SR706 million for the three months ended 31 December 2017, a decrease of SR377 million or 34.8% compared to the three months ended 30 September 2017 of SR1,083 million.

Operating income of SR7,127 million for the year ended 31 December 2017, an increase of SR218 million, or 3.2%, compared to SR6,909 million for the year 2016.

Loans and advances of SR117.0 billion at 31 December 2017, a decrease of SR4.0 billion, or 3.3%, from SR121.0 billion as of 31 December 2016.

Customers’ deposits of SR140.2 billion as of 31 December 2017, a decrease of SR0.4 billion, or 0.3%, compared with SR140.6 billion as of 31 December 2016.

Investments of SR27.0 billion as of 31 December 2017, a decrease of SR2.3 billion, or 7.8%, from SR29.3 billion as of 31 December 2016.

Total assets of SR187.6 billion as of 31 December 2017, an increase of SR1.5 billion, or 0.8% from SR186.1 billion as of 31 December 2016.

Earnings per share is SR2.64 compared to SR2.60 for the year 2016.

Sheikh Khaled Olayan, Chairman of SABB, said "during 2017 SABB delivered resilient returns and increased the distribution to shareholders under challenging economic conditions. The SABB Board and its management team has been focused on supporting our customers and the nation’s economic transformation agenda. The bank remains highly liquid with strong capital, stable funding and a uniquely valuable franchise as the leading international bank in the Kingdom."

Sheikh Khaled added: “I would like to thank our customers, staff and shareholders for their support and commitment. I would also like to express my sincere thanks and appreciation to our regulators and government ministries for their continued guidance and vision." — SG