The Saudi British Bank (SABB) has reported a 53.4 percent jump in profits in 2011, according to a press statement of the bank issued here Monday. The bank made a net profit of SR2,888 million compared with SR1,883 million or an increase of SR1,005 over the same period in 2010. Sheikh Khaled Olayan, Chairman said the bank has achieved strong profit growth with its robust and diversified operating income streams and cost containment measures. “SABB has steadily grown its balance sheet during the year with ongoing drive to book quality business and continues to take a prudent view on provisioning,” he said. Operating income of the bank which was at SR4,899 million for the year ended 31 Dec. 2011, saw an increase of SR60 million or 1.2 per cent, compared with SR4,839 million for the same period in 2010. Customer deposits of SR105.6 billion increased by SAR10.9 billion or 11.5 percent, compared with SR94.7 billion on 31 Dec. 2010.
