The Saudi British Bank (SABB) recorded a net profit of SR2,920 million ($779 million) for the year ended Dec. 31, 2008 - up SR 313 million ($84 million) or 12.0 percent compared with SR2,607 million ($695 million) in 2007. Net special commission income increased by SR148 million (39 million) or 4.8 percent driven by higher volumes. However, net profit in the fourth quarter of 2008 dropped 6.8 percent or SR48 million ($13 million) to SR657 million ($175 million) compared with SR705 million ($188 million) for the same period in 2007. Earnings per share of SR4.87 ($1.30) for the year climbed 12.0 percent from SR4.34 ($1.16) in 2007. Operating income of SR4,912 million ($1,310 million) for the year jumped SR538 million ($143 million), or 12.3 percent, compared with SR4,374 million ($1,166 million) in 2007. Customer deposits of SR92.7 billion ($24.7 billion) up SR20.9 billion ($5.6 billion), or 29.1 percent, compared with SR71.8 billion ($19.1 billion) in the preceding year. The bank's investment portfolio totaled SR29.6 billion ($7.9 billion) in 2008 compared with SR14.9 billion ($4.0 billion) in 2007. Total assets of SR131.7 billion ($35.1 billion) were recorded in 2008 - up SR33.5 billion ($8.9 billion), or 34.1 percent over a year ago. Moreover, Samba Financial Group, Saudi Arabia's second largest lender by market value, also reported that its net profit fell 13.5 percent in the fourth quarter. Samba made SR826 million ($220.3 million) in the three months to December 31, down from SR955 million a year earlier, the bank said in a statement on the bourse website.
