RIYADH — The Saudi British Bank (SABB) has reported a net profit of SR4.27 billion for the year ended Dec. 31, 2014, an increase of SR492 million or 13.0% compared to SR3.77 billion for the same period last year. SABB reported a net profit of SR969 million for the last three months of 2014, a decrease of SR7 million or 0.6% compared to the same period last year of SR976 million. Operating income hit SR6.50 billion in 2014, an increase of SR688 million, or 11.8%, compared with SR5.81 billion a year ago. Customer deposits climbed SR145.9 billion, an increase of SR6.9 billion, or 5.0% compared with SR139.0 billion in 2013. Loans and advances to customers reached SR115.2 billion, an increase of SR9.1 billion, or 8.6%, from SR106.1 billion in 2013. Sheikh Khaled Olayan, Chairman of SABB, said: “SABB's strategy of diversifying its income streams and controlling its costs has enabled the bank to report another strong financial performance in 2014.” Total investment portfolio widened SR45.3 billion, an increase of SR7.9 billion, or 21.1% from SR37.4 billion in 2013. Total assets rose SR187.6 billion last year, a rise of SR10.3 billion, or 5.8% from SR177.3 billion in 2013. Earnings per share recorded SR4.27 in 2014 compared to SR3.77 in the preceding year. Sheikh Khaled Olayan, Chairman of SABB, said: “SABB's strategy of diversifying its income streams and controlling its costs has enabled the bank to report another strong financial performance in 2014. SABB's continued focus on risk management, asset quality and maintaining strong capital and liquidity positions continues to provide 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
