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ATM & BranchesFitch Affirms SABB's Long Term Credit Rating at "A" and Revises its Outlook to "Stable"
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Fitch Ratings, one of the world's leading rating agencies, has affirmed The Saudi British Bank's (SABB) long term credit rating at "A" and revised the Bank's outlook to "Stable"
The Ratings affirmation and Outlook revision reflects SABB’s financial strength, consistent strong profitability and earnings generation, and comfortable liquidity. The ratings also consider SABB’s strong franchise and the advantages of being an associate bank of HSBC Group.
Also, Fitch's Viability Rating (VR) on SABB of "A" is among the top viability ratings of Saudi banks rated by Fitch.
Commenting on the affirmation, David Dew, Managing Director of SABB, said: "We are pleased with the Fitch rating confirmation and the outlook revision to stable. It is an indication of SABB's ongoing prudent risk management and the scale and diversity of our operations, which have enabled the Bank to deliver strong financial results".
For the first nine months of 2013, SABB recorded a net profit of SAR2,798 million, an increase of SAR373 million, or 15.4% compared with the same period in 2012. This is primarily attributable to SABB's diversified income streams, ongoing cost controls and emphasis on booking quality assets while maintaining strong capital and liquidity ratios.
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Saudi Awwal Bank, a listed joint stock company, incorporated in the Kingdom of Saudi Arabia, with paid in capital of SAR 20,547,945,220, commercial registration certificate 1010025779, unified number 7000018668, Mailing Address: P.O. Box 9084, Riyadh 11413. National Address: 7383 King Fahad Branch Rd, 2338 Al Yasmeen Dist., 13325 Riyadh, Kingdom of Saudi Arabia, Tel. +966 11 4050677, www.sab.com, licensed pursuant to the Council of Ministers Resolution No. 198 dated 06/02/1398H and Royal Decree No. M/4 dated 12/08/1398H, and regulated and supervised by the Saudi Central Bank.