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Saudi British Bank Q1 profit up 23%

The Saudi British Bank has reported a net profit of $202 million for the first quarter ended 31 March 2008, up $38 million, or 22.8%, compared with net profit of $164 million for the corresponding quarter in 2007.

Operating income of the bank for the quarter improved $44 million, or 15.9% to $318 million from 2007 first quarter operating income of $274 million.

Customer deposits were $20.9 billion at March 31, 2008, up $5 billion, or 31.1%, compared with $15.9 billion at March 31, 2007. Total assets were $28.4 billion at March 31, 2008, an increase of $7.2 billion, or 33.8% over the total assets as at March 31, 2007.

John Coverdale, managing director of The Saudi British Bank (SABB), said: SABB’s first quarter 2008 results are very encouraging and continue to build upon the strong core business foundations that we have established.