SABB pleased with Moody's rating boost
Dec 30, 2012 (Menafn - Arab News - McClatchy-Tribune Information Services via COMTEX) --Moody's Investors Service, a leading rating agency, has confirmed The Saudi British Bank's (SABB) "Aa3 long-term deposit ratings" with a stable outlook.
According to Moody's report, "SABB's solid overall financial fundamentals, deposit-funded profile, well-established local franchise across all of its main business lines and its franchise-enhancing with HSBC Holdings which supports SABB's systems, risk-management processes, management caliber and product range."
Moody's decision to confirm the ratings of Saudi British Bank at their current level was driven by the rating agency's observation of improvement in the bank's asset quality and profitability metrics.
Commenting on the affirmation, David Dew, managing director of SABB, said: "We are pleased with Moody's rating confirmation and the stable outlook. It is an indication of SABB's continuous prudent risk management and the scale and diversity of our operations, which have enabled the Bank to deliver sound and strong performance".
For the nine months of 2012, SABB recorded a net profit of SR 2,425 million, an increase of SR 192 million, or 8.6 percent better than the same period in 2011.
This is primarily attributable to SABB's diversified income streams, ongoing cost controls and emphasis on booking quality assets while maintaining strong capital and liquidity ratios.
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