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    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 EDT

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 0.19% 108.2 End-of-day quote.47.01%
HSBC HOLDINGS PLC 0.22% 401.6 Delayed Quote.6.01%
LETS HOLDINGS GROUP CO., LTD. -0.60% 6.66 End-of-day quote.-14.40%
LOOK HOLDINGS INCORPORATED -0.35% 1417 End-of-day quote.48.07%
THE SAUDI BRITISH BANK 1.34% 30.35 End-of-day quote.22.78%
THE SAUDI NATIONAL BANK -0.89% 55.5 End-of-day quote.28.03%
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Financials
Sales 2021 8 115 M 2 163 M 2 163 M
Net income 2021 3 602 M 960 M 960 M
Net Debt 2021 - - -
P/E ratio 2021 17,2x
Yield 2021 3,50%
Capitalization 62 363 M 16 625 M 16 627 M
Capi. / Sales 2021 7,69x
Capi. / Sales 2022 7,10x
Nbr of Employees 4 156
Free-Float 43,4%
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Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 30,35 SAR
Average target price 29,17 SAR
Spread / Average Target -3,90%
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Managers and Directors
Anthony William Cripps Chief Executive Officer, MD & Director
Mathew Pearce Chief Financial Officer
Lubna Suliman Al-Olayan Chairman
Musaifer Al Osaimi Chief Information Officer
Ghada Al Jarbou Chief Operating Officer