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SABB posts 2012 net profit of SAR 3,240.

The Saudi British Bank (SABB) recorded a net profit of SAR 3,240 million for the year ended 31 December 2012, an increase of 12.2per cent compared to SAR 2,888 million for the same period in 2011.

SABB recorded a net profit of SAR 815 million for the three months ended 31 December 2012, an increase of SAR 160 million or 24.3per cent as compared to the three months ended 30 September 2012, which amounted to SAR 656 million.

Operating income of SAR 5,167 million for the year ended 31 December 2012 - an increase of SAR 268 million, or 5.5 per cent, compared with SAR 4,899 million for the same period in 2011.

Customer deposits of SAR 120.4 billion at 31 December 2012 - an increase of SAR 14.8 billion, or 14.1 per cent, compared with SAR 105.6 billion at 31 December 2011.

Loans and advances to customers of SAR 96.1 billion at 31 December 2012 - an increase of SAR 11.3 billion, or 13.3 per cent, from SAR 84.8 billion at 31 December 2011.

The bank's investment portfolio totalled SAR 27.6 billion at 31 December 2012, an increase of 24.3 per cent compared with SAR 22.2 billion at 31 December 2011.

Total assets were SAR 156.7 billion at 31 December 2012, compared with SAR 138.7 billion at 31 December 2011, an increase of 13.0 per cent or SAR 18.0 billion.

Earnings per share is SAR 3.24 for the year ended 31 December 2012 against SAR 2.89 (adjusted to bonus share issue 1 for 3 shares as a result of the Bank's capital increase to SAR 10.0 billion) for the same period last year.

Sheikh Khaled Olayan, Chairman of SABB, said, SABB's strategy of diversifying its income streams and controlling its costs effectively ensured another strong financial performance in 2012. SABB has continued to focus on strong asset quality while maintaining healthy capital and liquidity positions."

"We thank our customers for their continued support and our staff for their commitment and contribution to the bank's success."

2012 CPI Financial. All rights reserved.

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Publication:CPI Financial
Article Type:Financial report
Date:Jan 15, 2013
Words:372
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