By James Exelby
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.