Sabb boosts fourth quarter profits

Sabb – the Saudi bank that is 40 per cent owned by HSBC – saw its profits grow for the second consecutive quarter on the back of higher lending.

The bank increased its net profits by 20.5 per cent to $188m for the three months to 31 December, although full-year profits dropped by 14.2 per cent to $697m.

"Excluding the lower contribution from the brokerage and mutual funds businesses, core banking non-funds income has grown by 22 percent compared with 2006," says John Coverdale, chief executive officer.

Total lending in 2007 surged 45.9 per cent to $16.5bn while customer deposits grew by 21 per cent to reach $19.1bn.