Saudi British Bank reports 50% jump in net profit

Saudi British Bank (SABB), the lender 40 percent owned by HSBC Holdings, on Wednesday reported a 50 percent jump in net profit for the first nine months of 2011. It posted net profit of SR2.2bn ($586m) for the period ended September 30, an increase of SR746m or 50.2 percent compared to SR1.4bn for the same period in 2010. Operating income of SR3.777bn for the nine months was up by 1.5 percent on the same period in 2010, the bank said in a statement. Customer deposits of SR100.8bn were 11.1 percent higher than a year ago, the bank added. Loans and advances to customers totalled SR82.4bn as at September 30 - an increase of 10.3 percent. The bank's investment portfolio totalled SR24.1bn, up 14.8 percent compared to September 30 2010.Total assets were SR131.9bn, compared to SR118.3bn a year earlier. Sheikh Khaled Olayan, chairman of SABB, said: "SABB has achieved strong profit growth with its robust and diversified operating income streams and cost containment measures. "SABB has steadily grown its balance sheet during the year with ongoing drive to book quality business and continues to take a prudent view on provisioning. We are committed to supporting our customers and seeking new opportunities for business growth."