11th Oct 2005 10:03
HSBC Holdings PLC11 October 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 THIRD QUARTER 2005 RESULTS • Net profit of SAR1,874 million (US$500 million) for the nine months ended 30 September 2005 - up SAR632 million (US$168 million) or 50.8 per cent over the same period in 2004. • Customer deposits of SAR45.6 billion (US$12.2 billion) at 30 September 2005 - up SAR6.2 billion (US$1.7 billion) or 15.7 per cent over 30 September 2004. • Loans and advances to customers of SAR39.6 billion (US$10.6 billion) at 30 September 2005 - up SAR10.2 billion (US$2.7 billion) or 34.6 per cent over 30 September 2004. • Total assets of SAR67.4 billion (US$18.0 billion) at 30 September 2005 - up SAR15.0 billion (US$4.0 billion) or 28.7 per cent over 30 September 2004. • Earnings per share of SAR37.48 (US$9.99) for the nine months ended 30 September 2005 - up 50.8 per cent from SAR24.85 (US$6.63) over the same period in 2004. (Net profit and earnings per share for the nine months ended 30 September 2004have been restated to reflect the adoption of the revised InternationalAccounting Standard 39 - Financial Instruments: Recognition and Measurement). The Saudi British Bank (SABB) recorded a net profit of SAR1,874 million (US$500million) for the nine months ended 30 September 2005. This represents anincrease of 50.8 per cent over the SAR1,242 million (US$331 million) earned inthe same period in 2004. Earnings per share increased to SAR37.48 (US$9.99)compared to SAR24.85 (US$6.63) for the same period last year. Customer deposits increased to SAR45.6 billion (US$12.2 billion) at 30 September2005 from SAR39.4 billion (US$10.5 billion) at 30 September 2004. Loans and advances to customers were higher at SAR39.6 billion (US$10.6 billion)at 30 September 2005 from SAR29.5 billion (US$7.9 billion) at 30 September 2004. The bank's investment portfolio totalled SAR16.9 billion (US$4.5 billion) at 30September 2005, an increase from SAR14.9 billion (US$4.0 billion) at 30September 2004. SABB Chairman, Sheikh Abdullah Al Hugail, said: "SABB has registered a recordperformance over the first three quarters of 2005. Business growth in SaudiArabia remains strong and banking sector revenues have received a significantboost from very strong investor participation in a buoyant stock market. Inaddition to these exceptional earnings, it is important to note that we havealso achieved strong growth in other areas. We will continue to maintain closefocus on the core fundamentals of our business in order to maintain a balancedearnings and growth momentum. "Operating revenues have continued to strongly outperform 2004. Despite ongoinginvestment in technology, staff and product development, the bank's cost:incomeratio remains well within expected parameters. Customer deposits have continued to grow and good macro-economic conditions have fuelled strong customer assetgrowth. Asset quality remains sound, with a relatively low level of provisionsfor credit losses. Despite the strong asset growth, SABB remainswell-capitalised and liquid. "During the third quarter of 2005, The Saudi British Bank became the first bankin the Kingdom to be awarded an 'A' credit rating by the Fitch Ratings agency.This upgrade acknowledged the bank's continuing strong profitability, improvingasset quality and sound capitalisation, funding and risk management profile. "We have good business momentum, and are well positioned to develop new productsin response to the needs of our customers in an environment where we expectstrong growth and rapid change. We deeply appreciate the continuing support ofour customers and the sustained effort of our staff in delivering theseexcellent results." Note to editors: HSBC Holdings plcHSBC Holdings plc serves more than 110 million customers worldwide through morethan 9,700 offices in 77 countries and territories in Europe, the Asia-Pacificregion, the Americas, the Middle East and Africa. With assets of US$1,467billion at 30 June 2005, HSBC is one of the world's largest banking andfinancial services organisations. HSBC is marketed worldwide as 'the world'slocal bank'. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
HSBC Holdings