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Thu 9 Oct 2008 01:41 AM

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SABB Q3 net profit 9% ahead at $189mn

HSBC-affiliated Saudi lender in line with forecasts, says no exposure to US sub-prime market.

SABB Bank, one of Saudi Arabia's largest lenders, said its third-quarter profit rose to 711 million riyals ($189 million) from 651 million in the same quarter of 2007, meeting analysts' forecasts.

SABB, an affiliate by HSBC , said it made an operating revenue of 3.699 billion riyals in the nine months ending Sept. 30, up from 3.155 billion in the year earlier period, it said in a statement on the Saudi bourse website.

Analysts' forecasts for SABB's third-quarter earnings ranged from 668.5 million riyals to 867 million riyals, according to a survey by newswire Reuters last month.

SABB said it had no exposure to the US subprime crisis and there was no effect on its profits.

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