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SABB net profit down 7.5%.

The Saudi British Bank (SABB) said its net profit, for the six months ended June 30, 2009 dropped 7.5% to SR 1,436 million when compared to SR 1,552 million ($414.4 million) for the same period in 2008.

The bank's net special commission income registered a 6.1% (SR 102 million) growth compared to the first half of 2008 reflecting higher average asset volumes.

The total non-funds income grew by SR 45 million, or 5.3% with higher foreign exchange and trade related income streams thus compensating for lower levels of share brokerage and mutual fund fees.

The cost growth has been contained to SR 22 million, (2.8%) compared to the first half of 2008 delivering a cost income ratio of 30.6% for the first half of 2009 compared to 31.5% for the same period in 2008, the bank said in a statement.

The net profit for the three months ended June 30, 2009 fell 15% to SR 676 million when compared to SR 795 million for the same period in 2008 and down SR 84 million, or 11.1% as compared with SR 760 million for the first three months of 2009.

Operating income for the six months grew 5.89% to SR 2.6 million when compared to SR 2.52 million for the same period in 2008.

The customer deposits ballooned by SR 2.4 billion (2.7%) to hit SR 91.5 billion when compared to SR 89.1 billion during the same period last year. The bank's loans and advances to customers surged to SR 78.7 billion from SR 77.5 billion last year.

The bank's investment portfolio totaled SR 24.4 billion when compared to SR 30.1 billion the previous year.

Saudi Economic Survey. All rights reserved.

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Title Annotation:Saudi British Bank
Publication:Saudi Economic Survey
Article Type:Brief article
Date:Jul 23, 2009
Words:309
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