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Saudi British Bank first quarter 2002 results
9 April 2002
The following news release was issued today by The Saudi British Bank, a 40 per cent indirectly-held associate of HSBC Holdings plc.
- Net profit of SAR235.0 million (US$62.7 million) for the quarter ended 31 March 2002 - up SAR39.3 million (US$10.5 million) or 20.1 per cent over the same period in 2001.
- Customer deposits of SAR32.1 billion (US$8.6 billion) at 31 March 2002 - up SAR1.9 billion (US$0.5 billion) or 6.3 per cent over 31 March 2001.
- Loans and advances to customers of SAR17.3 billion (US$4.6 billion) at 31 March 2002 - up SAR1.0 billion (US$0.3 billion) or 6.1 per cent over 31 March 2001.
- Total value of investment portfolio stood at SAR22.0 billion (US$5.9 billion) at 31 March 2002 - up SAR3.7 billion (US$1.0 billion) or 20.2 per cent over 31 March 2001.
- Total assets of SAR43.1 billion (US$11.5 billion) at 31 March 2002 - up SAR2.0 billion (US$0.5 billion) or 4.9 per cent over 31 March 2001.
- Earnings per share of SAR5.87 (US$1.57) for the quarter ended 31 March 2002 - up from SAR4.89 (US$1.30) over the same period in 2001.
Comment by David Hodgkinson, Managing Director
The Saudi British Bank (SABB) recorded a net profit of SAR235.0 million (US$62.7 million) for the quarter ended 31 March 2002. This represents an increase of 20.1 per cent over the same period in 2001. Operating income (excluding gains on investments) of SAR428.1 million (US$114.2 million) increased by 8.1 per cent compared to the quarter ended 31 March 2001, and was broad based with satisfactory contributions from all business segments. Earnings per share increased to SAR5.87 (US$1.57) compared to SAR4.89 (US$1.30) for the first quarter of 2001.
Customer deposits increased to SAR32.1 billion (US$8.6 billion) at 31 March 2002, up 6.3 per cent on last year. Loans and advances to customers, at SAR17.3 billion (US$4.6 billion), were 6.1 per cent higher.
We are proud that The Consulting Center for Finance and Investment named us the best performing bank in the field of mutual funds, based on their survey of the market. In the survey, we achieved the highest number of top rankings for various categories of mutual funds offered by Saudi banks.
While current economic conditions require strict cost discipline, we continue to invest in upgrading our customer service and delivery systems in line with the increased customer focus of our new strategic plan.
We thank our customers for their steadfast support and our staff for their dedicated efforts during the period.
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