Saudi British Bank Q3 Net Profit Rises 25.2%

The bank attributed the rise in quarterly profit to higher operating income, which increased 12.1 per cent.



Saudi British Bank, the Kingdom’s fifth-largest listed lender by assets, posted a 25.2 per cent rise in third-quarter net profit on Thursday, in line with analysts’ forecasts as operating income increased.

The bank, an affiliate of HSBC Holdings, said it made a profit of SAR1.06 billion ($282.6 million) in the three months to Sept. 30, up from SAR845.8 million in the same period a year earlier.

Analysts polled by Reuters on average forecast the bank would make a quarterly net profit of SAR1.05 billion.

The bank attributed the rise in quarterly profit to higher operating income, which increased 12.1 per cent to SAR1.65 billion from a year earlier, without elaborating.

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

Quarterly profit from special commissions increased 8.4 per cent to SAR1.03 billion from the same period a year ago.

Loans and advances at the end of September stood at SAR116.7 billion, up 8.2 per cent on the same point of 2013, while deposits rose 10.6 per cent to SAR143.7 billion over the same period.