Saudi British Bank Shows 25% Increase In Net Profit in Q3, 2014

Saudi Arabia: Saudi British Bank, the Saudi Arabia’s fifth-largest listed lender has posted a 25.2 percent rise in July-Sep period net profit on Thursday, in line with analysts’ forecasts as operating income increased.
The bank, an affiliate of HSBC Holdings, said it made a profit of SR1.06 billion ($282.6 million) in the three months, up from SR845.8 million in the same period last year.
 Reuters has conducted a poll showing on average forecast the bank would make a 3 months’ net profit of SR1.05 billion.
The bank attributed the rise in quarterly profit to higher operating income, which increased 12.1 percent to SR1.65 billion from last year, without elaborating.  Saudi companies have to show brief earnings statements early in the reporting period before more detailed results are published.

Quarterly profit from special commissions increased by 8.4 percent to SR1.03 billion from the same period a year ago.

Loans and advances at the end of September stood at SR116.7 billion, up 8.2 percent on the same point of 2013, while deposits rose by 10.6 percent to SR143.7 billion over the same period.