Saudi British Bank Q1 Net Profit Up 3.2%, Beats Forecasts - Gulf Business
Now Reading
Saudi British Bank Q1 Net Profit Up 3.2%, Beats Forecasts

Saudi British Bank Q1 Net Profit Up 3.2%, Beats Forecasts

The bank, an affiliate of HSBC Holdings, said it made SAR1.12 billion in the three months ending March 31.

Saudi British Bank (SABB), the Kingdom’s sixth-largest bank by assets, posted a 3.2 per cent rise in its first-quarter net profit, it said in a bourse statement on Monday, beating analyst forecasts.

The bank, an affiliate of HSBC Holdings, said it made SAR1.12 billion ($298.6 million) in the three months ending March 31, compared with SAR1.08 billion in the same period a year earlier.

Five analysts surveyed by Reuters expected the bank to post an average net profit of SAR1.08 billion for the quarter.

The bank attributed its rise in net profit to an increase in total operating income — which gained 5.9 per cent on the corresponding period of 2014 to SAR1.72 billion — without elaborating.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

Loans and advances at the end of March stood at SAR120.4 billion, gaining 9.6 per cent on the same point of 2014, while deposits rose 8.8 per cent to SAR149 billion over the same period.

© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top