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Wed 9 Apr 2014 01:49 PM

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Saudi British Bank posts 14% rise in Q1 net profit

Saudi Arabia's fourth-largest listed lender makes nearly $290m net profit in three months to March 31

Saudi British Bank posts 14% rise in Q1 net profit
Saudi money, Saudi currency, Saudi economy, Saudi finance, GCC currencies

Saudi British Bank, Saudi Arabia's fourth-largest listed lender, posted a 14 percent rise in first-quarter net profit on Wednesday, slightly higher than analyst forecasts.

The bank said it made SR1.08 billion ($287.97 million) in the three months ending March 31, up from SR947.9 million in the same period a year earlier.

Analysts surveyed by Reuters expected the bank to post an average net profit of SR1.02 billion for the quarter.

The bank attributed its profit growth to rising operating income, which increased 12.8 percent to SR1.62 billion.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

Profit from special commissions rose 8.5 percent to SR960.6 million.

Loans and advances at the end of March stood at SR109.9 billion, up 8.6 percent on the same point of 2013.

The bank held deposits worth SR137 billion at the end of March, 12.2 percent higher than a year earlier.

Fitch Ratings said in January that Saudi banks should continue to see strong performance, with ample opportunity for lending provided by a good economic outlook due to high oil prices, high state spending and a bigger non-oil private sector.

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