SABB Q1 net profit rises 14% to SR1.081 billion

(MENAFN- Arab News) The saudi british bank (sabb) recorded a net profit of sr1.081 billion for the quarter ended march 31 2014.

This is an increase of sr133 million or 14.0 percent compared to sr948 million for the same period in 2013 and an increase of sr105 million or 10.8 percent compared to sr976 million for three months ended dec. 31 2013

Operating income of sr1.621 billion for the quarter ended march 31 2014 — an increase of sr183 million or 12.8 percent compared with sr1.438 billion at march 31 2013

Customer deposits of sr137.0 billion at march 31 2014 — an increase of sr14.9 billion or 12.2 percent compared with sr122.1 billion at march 31 2013

Loans and advances to customers of sr109.9 billion at march 31 2014 — an increase of sr8.7 billion or 8.6 percent from sr101.2 billion at march 31 2013

The bank's investment portfolio increased by sr5.7 billion to sr38.1 billion at march 31 2014 — an increase of 17.6 percent from march 31 2013

Total assets increased by sr16.6 billion to sr175.4 billion at march 31 2014 — an increase of 10.5 percent from march 31 2013

Earnings per share is sr1.08 against sr0.95 for the corresponding quarter of the previous year

Sheikh khaled olayan chairman of sabb said: 'sabb's strategy of diversifying its income streams and controlling its costs has enabled the bank to record a strong financial performance for the quarter ended march 31 2014."

He said: 'sabb's continued focus on risk management asset quality and maintaining strong capital and liquidity positions continues to provide sabb with growth opportunities in line with our strategic objectives."

The chairman said: 'we would again like to thank our customers for their continued support and our staff for their commitment and contribution to the bank's success."?