13th Apr 2005 10:33
HSBC Holdings PLC13 April 2005 The following news release was issued today by The Saudi British Bank, a 40 percent indirectly-held associate of HSBC Holdings plc. THE SAUDI BRITISH BANK FIRST QUARTER 2005 RESULTS - HIGHLIGHTS * Net profit of SAR456 million (US$122 million) for the quarter ended 31 March 2005 - up SAR92 million (US$25 million) or 25.1 per cent over the same period in 2004^. * Customer deposits of SAR42.3 billion (US$11.3 billion) at 31 March 2005 - up SAR5.1 billion (US$1.4 billion) or 13.8 per cent over 31 March 2004. * Loans and advances to customers of SAR32.3 billion (US$8.6 billion) at 31 March 2005 - up SAR5.1 billion (US$1.3 billion) or 18.6 per cent over 31 March 2004. * Total assets of SAR57.7 billion (US$15.4 billion) at 31 March 2005 - up SAR7.9 billion (US$2.1 billion) or 15.8 per cent over 31 March 2004. * Earnings per share of SAR9.12 (US$2.43) for the quarter ended 31 March 2005 - up 25.1 per cent from SAR7.29 (US$1.94) over the same period in 2004^. Commentary The Saudi British Bank (SABB) recorded a net profit of SAR456 million (US$122million) for the quarter ended 31 March 2005. This represents an increase of25.1 per cent over the SAR364 million (US$97 million) earned in the quarterended 31 March 2004. Earnings per share increased to SAR9.12 (US$2.43) comparedto SAR7.29 (US$1.94) for the first quarter in 2004^. Customer deposits increased to SAR42.3 billion (US$11.3 billion) at 31 March2005 from SAR37.2 billion (US$9.9 billion) at 31 March 2004. Loans and advances to customers increased to SAR32.3 billion (US$8.6 billion) at31 March 2005 from SAR27.2 billion (US$7.3 billion) at 31 March 2004. The bank's investment portfolio totalled SAR16.4 billion (US$4.4 billion) at 31March 2005, a decrease from SAR17.4 billion (US$4.6 billion) at 31 March 2004. Geoff Calvert, managing director of The Saudi British Bank, said: "The SaudiBritish Bank has made an encouraging start to 2005. Operating revenues are wellabove 2004 levels, with particularly strong growth in non-funds income which hascontinued to benefit from a strong local equity market. Despite incurring higheroverheads to support business growth, the bank's cost:income ratio has continuedto reduce reflecting improved operational efficiency. Our loan portfolio remainssound and this is reflected in the low provision for credit losses. Capital andliquidity positions remain strong. "One of the highlights of the quarter was the successful issue of a US$600million eurobond to investors throughout Europe, Asia and the Middle East. Thisis the first eurobond ever issued by a Saudi Arabian company. The success of theissue is recognition of the bank's strength and reputation in the internationalmarkets. "We thank our customers for their continued support and our staff for theircommitment and contribution to the bank's success." ^ Net profit and earnings per share for the quarter ended 31 March 2004 havebeen restated to reflect the adoption of the revised International AccountingStandard 39 - Financial Instruments: Recognition and Measurement. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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