Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Saudi Arabia
  4. Saudi Arabian Stock Exchange
  5. The Saudi British Bank
  6. News
  7. Summary
    1060   SA0007879089

THE SAUDI BRITISH BANK

(1060)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

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 0.57% 142 End-of-day quote.92.93%
HSBC HOLDINGS PLC 0.01% 434.8 Delayed Quote.14.77%
LETS HOLDINGS GROUP CO., LTD. -0.16% 6.31 End-of-day quote.-18.89%
LOOK HOLDINGS INCORPORATED -0.58% 1366 End-of-day quote.42.74%
THE SAUDI BRITISH BANK 0.00% 33.9 End-of-day quote.37.14%
THE SAUDI NATIONAL BANK 0.46% 65.6 End-of-day quote.51.33%
All news about THE SAUDI BRITISH BANK
08/08The Saudi British Bank Reports Earnings Results for the Second Quarter Ended June 30, 2..
CI
08/08THE SAUDI BRITISH BANK : Ex-dividend day for interim dividend
FA
08/01The Saudi British Bank Recommends Distribution of Cash Dividends for the first Half of ..
CI
07/27SAUDI BRITISH BANK : Barclays picks Faruqui to share leaderhsip of EMEA M&A franchise
RE
06/30Crypto exchange Binance says sterling withdrawals reactivated after outage
RE
06/28STANDARD CHARTERED : Ghana to fund new highway stretch with loan from Standard Chartered
RE
05/21Barclays says oil demand 'healing' even as COVID rages across Asia
RE
05/05The Saudi British Bank Reports Earnings Results for the First Quarter Ended March 31, 2..
CI
04/27Saudi Red Sea project secures $3.8 billion 'green' loan for new hotels
RE
04/14A $9 million boss? UniCredit investors to decide how much Orcel is worth
RE
More news
Analyst Recommendations on THE SAUDI BRITISH BANK
More recommendations
Financials
Sales 2021 7 982 M 2 128 M 2 128 M
Net income 2021 3 523 M 939 M 939 M
Net Debt 2021 - - -
P/E ratio 2021 20,1x
Yield 2021 3,03%
Capitalization 69 658 M 18 570 M 18 572 M
Capi. / Sales 2021 8,73x
Capi. / Sales 2022 8,06x
Nbr of Employees 4 156
Free-Float 42,4%
Chart THE SAUDI BRITISH BANK
Duration : Period :
The Saudi British Bank Technical Analysis Chart | 1060 | SA0007879089 | MarketScreener
Technical analysis trends THE SAUDI BRITISH BANK
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 10
Last Close Price 33,90 SAR
Average target price 30,78 SAR
Spread / Average Target -9,19%
EPS Revisions
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
Sector and Competitors