JEDDAH – The Saudi British Bank (SABB) recorded a net profit of SR3.77 billion for the year ended Dec. 31, 2013, an increase of SR534 million or 16.5 percent compared to SR3.24 billion for the same period in 2012, the bank said in a statement on Sunday. SABB recorded a net profit of SR976 million for the three months ended Dec. 31, 2013, an increase of SR161 million or 19.6 percent, compared to the three months ended Dec. 31, 2012, which amounted to SR815 million. Operating income of SR5.82 billion for the year ended Dec. 31, 2013, an increase of SR649 million, or 12.6 percent, compared with SR5.17 billion for the same period in 2012. Customer deposits of SR139.0 billion, an increase of SR18.6 billion, or 15.4 percent, compared with SR120.4 billion in 2012. Loans and advances to customers of SR106.1 billion, an increase of SR10.0 billion, or 10.4 percent from SR96.1 billion as of Dec. 31, 2012. The bank's investment portfolio totaled SR37.4 billion in 2013, an increase of SR9.8 billion, or 35.6 percent from SR27.6 billion in 2012. Total assets were SR177.3 billion, compared with SR156.7 billion in 2012, an increase of 13.2 percent or SR20.6 billion. Earnings per share registered SR3.77 in 2013 against SR3.24 in 2012. Sheikh Khaled Olayan, Chairman of SABB, said: “SABB's strategy of diversifying its income streams and controlling its costs ensured another strong financial performance in 2013. SABB's continued focus on risk management, asset quality and maintaining strong capital and liquidity positions provides SABB with growth opportunities in line with our strategic objectives.” “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.” — SG
