Saudi British Bank profits increase in third quarter

19 October 2014

Results reflect wider banking sector growth

Saudi British Bank (Sabb) reported profits of SR1.05bn ($279m) for the third quarter, marking a 25.21 per cent increase compared with the same period last year.

The growth is in line with profit hikes seen across the majority of the kingdom’s banking system in the quarter ending 30 September.

However, the lender’s results fell compared with the previous quarter, declining by 8.49 per cent from SR1.16bn.

Sabb’s assets grew by 10 per cent by the end of September to reach SR182.95bn. Lending also picked up, with the bank’s loans and advances portfolio increasing by 8.19 per cent to reach SR116.67bn.

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