SABB 2016 net profit plunges 10pc

Saudi British Bank reports 4.2 per cent rise in operating income

Saudi British Bank (SABB) has reported a 10 per cent drop in its net profit for the year ended 31 December, falling to SR3.9 billion from SR4.33 billion the previous year.

The Saudi bank said its net profit for the fourth quarter registered a decline of SR332 million, falling to SR607 million from SR939 million profit for the same period the previous year.

However, despite the challenging economic environment, operating income for the year surged 4.2 per cent to SR6.9 billion from the previous year's SR6.63 billion, the bank reported.

Commenting on the results, chairman Shaikh Khaled Olayan said: "The financial results reflect SABB’s consistent focus on revenue quality and risk management in line with our strategic objectives while recognising that we are operating in a challenging economic environment.

"In order to support future growth opportunities, including the kingdom’s 2030 Vision and National Transformation Program, the bank will continue to focus on maintaining strong capital and liquidity positions. Our customer satisfaction levels and industry awards continue to reflect our leading international bank position,” he stated.