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MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  The Saudi British Bank    1060   SA0007879089

THE SAUDI BRITISH BANK

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Saudi British Bank meets forecasts with 8.8 percent rise in quarterly profit

10/25/2017 | 09:33am EST

DUBAI (Reuters) - Saudi British Bank (>> Saudi British Bank SJSC) (SABB), the kingdom's sixth-largest bank by assets, reported an 8.8 percent rise in third-quarter net profit on Wednesday, meeting analysts' forecasts.

DUBAI (Reuters) - Saudi British Bank (>> Saudi British Bank SJSC) (SABB), the kingdom's sixth-largest bank by assets, reported an 8.8 percent rise in third-quarter net profit on Wednesday, meeting analysts' forecasts.

The bank, an affiliate of HSBC Holdings (>> HSBC Holdings), said it made 1.08 billion riyals (£217.4 million) in the three months ending Sept. 30, compared with 995 million riyals in the same period a year earlier, according to a bourse filing.

SABB is in merger talks with local peer Alawwal Bank (>> Alawwal Bank), with central bank governor Ahmed al-Kholifey telling Al Arabiya television on Oct. 15 that the situation regarding the possible merger would be clear by the end of this year.

The bank attributed its rise in net profit to a 4.6 percent increase in operating income, propelled by higher net special commission income, gains on non-trading investments and dividend income, in addition to lower provisions for credit losses.

After contending with lower state and consumer spending as a result of reduced oil prices, Saudi banks are expected to benefit as the government loosens austerity measures, helping accelerate credit growth.

Saudi bank results so far have generally been in line with or better than expectations, with the two largest lenders, National Commercial Bank (>> National Commercial Bank SJSC) and Al Rajhi Bank (>> Al Rajhi Banking & Investment Corp SJSC) reporting profit growth of 8.4 and 12.7 percent, respectively.

Loans and advances at the end of September stood at 116.7 billion riyals, falling 7.3 percent on the same point of 2016, while deposits dropped 6.6 percent to 134.6 billion riyals over the same period.

Three analysts surveyed by Reuters had on average forecast SABB's third-quarter net profit would come in at 1.08 billion riyals.

(Reporting By Tom Arnold; Editing by Susan Fenton)


© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
AL RAJHI BANKING AND INVESTMENT CORPORATION 0.13% 74.5 End-of-day quote.1.22%
HSBC HOLDINGS PLC -0.06% 403 Delayed Quote.6.37%
LETS HOLDINGS GROUP CO., LTD. -0.13% 7.71 End-of-day quote.-0.90%
LINE CORPORATION 0.00% 5350 End-of-day quote.0.00%
LOOK HOLDINGS INCORPORATED 0.00% 921 End-of-day quote.-3.76%
THE NATIONAL COMMERCIAL BANK 1.01% 45.05 End-of-day quote.3.92%
THE SAUDI BRITISH BANK 1.38% 25.8 End-of-day quote.4.37%
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Financials
Sales 2020 9 001 M 2 400 M 2 400 M
Net income 2020 -4 102 M -1 094 M -1 094 M
Net Debt 2020 - - -
P/E ratio 2020 -26,3x
Yield 2020 0,34%
Capitalization 53 014 M 14 132 M 14 134 M
Capi. / Sales 2020 5,89x
Capi. / Sales 2021 5,77x
Nbr of Employees 4 537
Free-Float 43,4%
Chart THE SAUDI BRITISH BANK
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The Saudi British Bank Technical Analysis Chart | 1060 | SA0007879089 | MarketScreener
Technical analysis trends THE SAUDI BRITISH BANK
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 26,76 SAR
Last Close Price 25,80 SAR
Spread / Highest target 31,0%
Spread / Average Target 3,73%
Spread / Lowest Target -12,8%
EPS Revisions
Managers and Directors
NameTitle
David Robert Dew Managing Director & Executive Director
Lubna Suliman Al-Olayan Chairman
Robin Jones Chief Operating Officer
Mathew Pearce Chief Financial Officer
Khalid bin Abdullah Abdul Al-Molhem Non-Executive Director
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