The Saudi British Bank (SABB) recorded a net profit of SR2,471 million ($658.76 million) for the six months ending June 30, 2018. This is an increase of SR306 million or 14.1 percent compared to SR2,165 million for the same period in 2017.
SABB recorded a net profit of SR1,432 million for the three months ended June 30, 2018, an increase of SR303 million or 26.8 percent compared to SR1,129 million in the three months ended June 30, 2017.
The operating income was SR3,653 million for the six months ended June 30, 2018, an increase of SR28million, or 0.8 percent, compared to SR3,625 million for the same period in 2017.
The loans and advances to customers were SR113.4 billion on June 30, 2018, a decrease of SR4.5 billion, or 3.8 percent, from SR117.9 billion on June 30, 2017.
The customers’ deposits were SR132.9 billion on June 30, 2018, a decrease of SR5.4 billion, or 3.9 percent, compared with SR138.3 billion on June 30, 2017.
The bank’s investment portfolio was SR32.3 billion on June 30, 2018, an increase of SR11 billion, or 51.6 percent, from SR21.3 billion on June 30, 2017.
There were total assets of SR183 billion on June 30, 2018, an increase of SR0.5 billion, or 0.3 percent from SR182.5 billion on June 30, 2017.
The earnings per share were SR1.65 compared to SR1.44 for the corresponding period of the previous year.
Sheikh Khaled Olayan, chairman of SABB, said: “As the leading international bank in the Kingdom, SABB continued to contribute to the national economic transformation agenda while growing shareholder value through resilient financial results for the first half of 2018. The bank remains well capitalized and highly liquid to support future growth.”
SABB reports profit of SR2,471m
SABB reports profit of SR2,471m
LuLu marks Founding Day with ‘Made in Saudi’ campaign
The Ministry of Industry and Mineral Resources honored LuLu Hypermarket in recognition of its pivotal role as the exclusive retail partner of the “Najoud Bikhairna 2026” initiative, commending its continued efforts in supporting and empowering national industries while showcasing the quality and competitiveness of locally manufactured products.
The initiative, led by the ministry in partnership with the Saudi Export Development Authority, represented by the Made in Saudi program, stands as a pioneering model of public-private sector collaboration in activating community-driven initiatives with sustainable impact. Through this program, more than 280,000 Saudi-made products were distributed to 10,000 families across various regions of the Kingdom during the holy month of Ramadan, reinforcing the presence of national products and strengthening the values of social solidarity among individuals and institutions alike.
The ministry’s recognition of LuLu Hypermarket coincided with the official launch of its Saudi Founding Day celebrations at the Dharat Laban branch in Riyadh, marked by the unveiling of a comprehensive promotional campaign dedicated to Saudi-made products. On this occasion, a wide range of special offers was introduced on local products, available across all LuLu Hypermarket branches throughout the Kingdom.
The inauguration ceremony was attended by Mohammed bin Dayel, general supervisor of the Made in Saudi program at the Saudi Export Development Authority, and Mohamed Haris, director of LuLu Saudi Arabia, alongside members of LuLu’s executive management team. The event featured a ribbon-cutting ceremony to officially open the specially designed Founding Day gateway.
Following the inauguration, guests toured several dedicated zones and exhibitions highlighting national products. The tour commenced at the grocery and “Made in Saudi” consumer goods sections, showcasing the diversity and quality of local brands. It also included the “Made in Saudi” dates pavilion, presenting a premium selection of the finest locally sourced dates in celebration of one of the Kingdom’s most iconic national symbols.
The visit continued to the fruits and vegetables section under the theme “From Our Land,” featuring an exceptional assortment of Saudi agricultural products, reflecting the richness and excellence of the local agricultural sector. Guests also explored the LuLu private label corner, which features products exclusively manufactured within the Kingdom for LuLu, reaffirming the company’s commitment to supporting local manufacturing.
The tour concluded with a presentation of “Made in Saudi” products within the chilled and frozen categories, underscoring the rapid growth and qualitative advancement of the Kingdom’s food manufacturing sector, and further reinforcing the strong market position and competitiveness of Saudi products.
