Saudi British Bank posts 14% rise in Q1 net profit

Saudi British Bank, the lender 40 percent owned by HSBC Holdings, on Tuesday posted a 14 percent increase in first-quarter profit to SR854m ($227.7m). In a statement to the Saudi bourse, the bank said its net income rose from SR751m in the corresponding period last year. Profits also increased from SR655m during the previous quarter, a rise of 30.4 percent. It said total assets as of the end of March amounted to SR144bn, up more than 14 percent of the same period last year. Investments amounted to SR23.6bn against SR24.5bn in the same period in 2011, a decrease of 3.7 percent, the statement added. Loans and Advances as of the end of March totalled SR91.2bn against SR76.2bn, an increase of 19.7 percent. "The increase in net income for the current quarter compared to corresponding quarter of the previous year is related to an increase in operating income and a decrease in operating expenses," the statement said.