SABB Chairperson says funding, liquidity levels strong despite rising expenses

Saudi British Bank board Chair Lubna Suliman Olayan

Saudi British Bank’s (SABB) capital levels remain healthy, while funding and liquidity levels are strong, said board Chair Lubna Suliman Olayan.

“Our core financial fundamentals are a position of strength despite underlying costs increased although it was in part driven by our investment plans, she added.

Commenting on Q3 2021’s financial results, Olayan explained that the bank’s financial performance is a continuation of the resilient progress seen in the first half of the year, driven by sustained local demand for corporate credit and continued demand for retail mortgage lending.

SABB booked a fourth consecutive quarter of loan growth, sustained reduction in non-performing loans, continued low cost of credit risk, and protected net interest margin (NIM) despite the ever-present competition, she stated.

Olayan stated that SABB is currently in the investment phase of its five-year strategic plan and will take the necessary steps to develop the bank into an institution fit to meet the future needs of its customers.

The bank invests heavily in all business fields to ensure continuous progress in the formation of a sustainable banking institution, which will enable it to support the objectives of the Kingdom’s Vision 2030 and open the doors of opportunities provided by economic transformation plans.

“We are investing considerably across the business front-to-back, to ensure that we remain relevant and can create a sustainable banking organization. Making these sound investments in our business mean we can both support the aims of the Kingdom’s Vision 2030 plan but also unlock the opportunities that the economic transformation plans bring,” he stated.

According to data compiled by Argaam, SABB registered profits of SAR 2.775 billion during the first nine months of 2021, against losses of SAR 4.847 billion in the same period a year earlier. It also logged profits of SAR 886 million in Q3 2021.