The Saudi British Bank ("SABB") recorded a net profit after Zakat and income tax of SR2,775 million for the nine months ended 30 September 2021. This is an increase of SR7,622 million or 157% compared to the loss of SR4,847 million for the same period in 2020. Operating income of SR5,951 million for the nine months ended 30 September 2021, a decrease of SR877 million, or 13%, compared to SR6,828 million for the same period in 2020. Loans and advances of SR163.5 billion at 30 September 2021, an increase of SR11.6 billion, or 7.6%, from SR151.9 billion at 30 September 2020. Customers' deposits of SR180.2 billion at 30 September 2021, slight increase of SR 49 million during the period compared with SR180.2 billion at 30 September 2020. Investments of SR66.1 billion at 30 September 2021, an increase of SR2.0 billion, or 1.3%, from SR64.1 billion at 30 September 2020. Total assets of SR269.6 billion at 30 September 2021, an increase of SR5.6 billion, or 2.1% from SR263.9 billion at 30 September 2020. Earnings per share is SR1.35 compared to SR(2.35) for the corresponding period of the previous year. Commenting on the third quarter 2021, Lubna Suliman Olayan, Board Chair of SABB said: "As we review our performance for the year so far, it is worth reiterating that we are in the investment phase of our newly announced five-year strategic plan, where we will be taking the necessary steps to develop the Bank into an institution fit to meet the future needs of our customers. We are investing considerably across the business front-to-back, to ensure that we remain relevant and can create a sustainable banking organisation. Making these sound investments in our business mean we can both support the aims of the Kingdom's Vision 2030 plan but also unlock the opportunities that the economic transformation plans bring. During the quarter, we continued to formulate our Environmental, Social and Governance ('ESG') strategy, and I have been particularly pleased with the progress we made operationally. Through our associate, HSBC Saudi Arabia, our customers can now invest in an ESG-compliant fund where customers have direct access to investments that help reduce the impact of climate change. We also became the first Saudi institution to make a green deposit which will be used to finance purely green activities – this transaction was made via HSBC which again emphasizes the close collaboration and partnership that SABB enjoys with a leading global network. During the quarter, we were awarded 'The Leading Bank in Financing Sustainable Projects in the Middle East' from Global Finance Magazine – demonstrating SABB's growing strengths in this area. SABB's financial performance in the third quarter of 2021 is a continuation of the resilient progress seen in the first half of the year. Despite the lingering effects of the COVID-19 pandemic, regional economies have started to witness some green shoots of recovery, and with sustained local demand for corporate credit rolling into the third quarter, and continued demand for retail mortgage lending, SABB has performed robustly with a promising set of quarterly financials: we booked a fourth consecutive quarter of loan growth, sustained reduction in non-performing loans, continued low cost of credit risk, and protected our net interest margin ('NIM') despite the ever-present competition. Underlying costs increased, although this was in part driven by our investment plans. Capital levels remain healthy, and funding and liquidity levels are strong – our core financial fundamentals are a position of strength. To conclude, a few words to express my thanks and gratitude. Firstly, I would like to thank our customers for their confidence in choosing SABB as their bank of choice. Secondly, in an ever-changing environment, the one constant is the hard work and dedication of our staff, senior management and Board members, with which we could not deliver the very high standards our customers and clients expect from us. Finally, my sincere gratitude for the support and guidance of our regulators.
