JEDDAH – The Saudi British Bank (SABB) recorded a net profit of SR1.95 billion for the six months of 2013 ended June 30, an increase of SR183 million or 10.4 percent compared to SR1.77 billion for the same period in 2012. SABB recorded a net profit of SR1.01 billion in the second quarter of this year, an increase of SR57 million or 6.0 percent as compared to the first quarter ended March 31, 2013, which amounted to SR948 million. Operating income of SR2.94 billion for the six months, an increase of SR326 million or 12.5 percent, compared with SR2.61 billion for the same period in 2012. Customer deposits reached SR125.9 billion – an increase of SR8.3 billion or 7.1 percent, compared with SR117.6 billion by June 30, 2012. Loans and advances to customers hit SR106.0 billion, an increase of SR11.3 billion or 11.9 percent, from SR94.7 billion in the same period last year The bank's investment portfolio totaled SR30.8 billion, an increase of 10.8 percent compared with SR27.8 billion as of June 30, 2012. Total assets were SR161.9 billion as of June 30, 2013, compared with SR151.9 billion in the same period a year ago, an increase of 6.6 percent or SR10.0 billion. Earning per share is SR1.95 against SR1.77 for the corresponding first half of the previous year. Sheikh Khaled Olayan, Chairman of SABB, said: “SABB has recorded another strong financial performance for the six months ended June 30, 2013 supported by its diversified income streams and effective cost controls. SABB has continued to focus on booking quality business while preserving strong asset quality, capital and liquidity positions.” “We would again like to thank our customers for their continued support and our staff for their commitment and contribution to the bank's success,” he added. — SG
