October 2022

Ms. Lubna S. Olayan, Chair of the Board of Directors of Saudi British Bank (SABB), announced SABB’s third quarter financial results for the fiscal year 2022, which showed a continuation of the positive results recorded in the first half of the year.

SABB recorded a net profit of SAR 3,483 million for the nine-month period ended September 2022, compared to SAR 2,775 million for the same period in 2021, which was a 26% increase. Total operating profit grew 19% to SAR 6,966 million and net special commission income grew 19% to SAR 5,117 million, the strong performance reflecting the increases in benchmark rates earlier in the year, which have subsequently continued. Net fee profit grew 5% to SAR 929 million and Exchange profit also grew 32% to SAR 567 million. Impairment charges remained low, and our year-to-date cost of risk remains below our through-the-cycle guidance. Our cost management remains disciplined, and together with the aforementioned comments, leads to a return on tangible equity of 11% which has continued to expand throughout 2022.

SABB’s Chair added that Shareholders’ equity remained stable at SAR 53 billion with total assets of SAR 300 billion. The bank’s loan portfolio grew to SAR 189 billion, an increase of 4% during the third quarter and 9% year-to-date. Customer deposits of SAR 203 billion grew in line with lending during the first nine months of the year with 9% growth. Ms. Olayan emphasized the bank’s growth in financing in the quarter following the 4% quarterly increase, with growth in both corporate and retail segments, and the strength of the entire Saudi banking sector, which continues to perform well compared with other markets.

SABB also announced its Environmental, Social and Governance strategy earlier in September, which aims to lead through product development, allocating capital to green and sustainable businesses, working with the industry to develop the appropriate taxonomy, and finally educating the community in this area. SABB was also the winner of Global Finance Magazine’s ‘Best Bank for Sustainable Finance in the Kingdom’ award for 2022 earlier in this quarter.

Finally, Ms. Olayan thanked SABB’s customers and clients for their continued support, and its staff, management and board members for their continued delivery and achievement of SABB’s ambitions following the merger. She also reiterated the bank’s gratitude to the Central Bank and other government entities for their continued guidance and vision.