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Wed 25 Jul 2018 03:57 PM

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Saudi British Bank posts half-year net profit of $640m

Saudi affiliate of global banking giant HSBC says profits rose by over 14% during first half of 2018

Saudi British Bank posts half-year net profit of $640m

Saudi British Bank (SABB), an affiliate of global giant HSBC Holdings, has recorded a net profit of SR2.4 billion ($640 million) for the first six months of 2018.

The bank said this is an increase of SR306 million or 14.1 percent compared to the same period in 2017.

It added that operating income of SR3,653 million for the six months was up marginally by 0.8 percent on H1 2017.

Loans and advances to customers fell by nearly 4 percent to SR113.4 billion while customers’ deposits of SR132.9 billion represented a decrease of 3.9 percent.

Total assets were broadly stable at SR183 billion, SABB said in a statement.

Sheikh Khaled Olayan, chairman of SABB, said: "SABB continued to contribute to the national economic transformation agenda while growing shareholder value through resilient financial results for the first half of 2018. The bank remains well capitalised and highly liquid to support future growth."

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