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
25,000 attend Social Development Bank’s DeveGO25 forum
The Social Development Bank concluded the second edition of the Entrepreneurship and Modern Business Practices Forum — DeveGo 2025 — announcing the achievement of high-impact outcomes that further reinforced the forum’s position as the largest national platform in the region dedicated to entrepreneurship, innovation, and freelance work in Saudi Arabia and beyond.
The forum witnessed broad participation from local and international experts, investors, entrepreneurs, and representatives of local, regional, and international institutions.
Over three days at the King Abdulaziz International Conference Center, the forum drew 25,000 participants and visitors, who benefited from over 45 specialized workshops and over 2500 advisory sessions delivered by more than 70 consultants and experts.
The sessions covered key areas including entrepreneurial planning, business models, venture capital, digital platforms, freelancing, and emerging technologies.
The forum also featured 20 panel discussions with leading local and international speakers, addressing major global trends in entrepreneurship, including the future of artificial intelligence, the creative economy, digital transformation, and venture investment.
The forum saw the launch of the Saudi Empretec Fellowship, in the presence of Rebeca Grynspan, secretary-general of the UN Conference on Trade and Development.
The partners in success within the Social Responsibility Portfolio supporting entrepreneurs were honored.
It also saw the honoring of 13 winners of the Handicrafts Competition, representing various regions of the Kingdom, the announcement of winners of the Salam Award for Promising Projects, and the recognition of leading entrepreneurial projects fund under the Enterprises Track.
In addition, the NEXT UP Challenge concluded on the third day of the forum with 20 startups presenting their projects to more than 500 investors, enhancing opportunities for networking and partnership building.
As part of efforts to strengthen the support ecosystem, the forum witnessed the signing of 51 agreements, along with the launch of a suite of new financing products. These included the Capital Expansion Product with a ceiling of up to SR10 million, the Payroll Product with a ceiling of SR2 million, and the Rental Product with a ceiling of SR1.5 million, aimed at supporting enterprises in asset development and covering operational costs.
This reflects the bank’s direction toward offering more specialized financing tools that respond effectively to market needs.
The forum concluded by reaffirming its role as a unifying national platform for entrepreneurship, where accompanying activities and events provided direct engagement opportunities between entrepreneurs, investors, and experts.
The forum also highlighted success stories and practical experiences that reflect the scale of entrepreneurial momentum in the Kingdom and the growing role of the Social Development Bank in supporting a national economy driven by innovation and knowledge.
