RIYADH — The Saudi British Bank (SABB) recorded a net profit of SR1,039 million for the quarter ended 31 March 2018. This is an increase of SR3 million or 0.3% compared to SR1,036 million for the same period in 2017 and an increase of SR333 million or 47.2% compared to SR706 million for the three months ended 31 December 2017.

Operating income of SR1,774 million for the quarter ended 31 March 2018, a decrease of SR50 million, or 2.7%, compared to SR1,824 million for the same period in 2017.

Loans and advances to customers of SR116.5 billion at 31 March 2018, a decrease of SR3.0 billion, or 2.5%, from SR119.5 billion at 31 March 2017.

Customers’ deposits of SR135.4 billion at 31 March 2018, a decrease of SR6.2 billion, or 4.4%, compared with SR141.6 billion at 31 March 2017.

The bank’s investment portfolio of SR31.8 billion at 31 March 2018, an increase of SR8.0 billion, or 33.6%, from SR23.8 billion at 31 March 2017.

Total assets of SR182.6 billion at 31 March 2018, a decrease of SR2.7 billion, or 1.5% from SR185.3 billion at 31 March 2017.

Earnings per share is SR0.69 compared to SR0.69 for the corresponding quarter of the previous year.

Sheikh Khaled Olayan, Chairman of SABB, said "aaaaa the Leading International Bank in the Kingdom, SABB continued to demonstrate strong resilience through its first quarter results. The SABB Board and its management team are focused on growing shareholder value and contributing to the national economic transformation agenda. The Bank remains well capitalized and highly liquid."

Sheikh Khaled added “I would like to thank our customers, shareholders and staff 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