Sabb profits rise by 9.2 per cent

09 October 2008

Sabb's profits have risen by 9.2 per cent for the third quarter of 2008 to SR711m ($190m), as a result of a 54.2 per cent increase in loans and advances.

Deposit growth was slower at 36.1 per cent, indicating the difficulty that regional banks are having in continuing to grow deposits at the same rate as loans.

Total deposits are currently SR95.7bn while total loans are SR83.6bn.

Assets held by the bank totalled SR132.6bn at the end of September, and expenses increased by 18.9 per cent during the first nine months of the year to SR184m, largely due to recruitment costs.

The bank's investment portfolio totalled SR36bn at the end of September, up from SR17bn on 30 September 2007.

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