The Board of the Saudi British Bank (SABB) announced the distribution of a net interim dividend of nine Saudi riyals per share after deduction of Zakat, an annual Islamic tax. The dividend represents an increase of 12.5 percent over the same period last year. The total gross interim dividend pay out is SR374 million ($100 million).
Dividend cheques will be issued Wednesday, August 6, 2003, to shareholders registered on the bank's records as of July 21, 2003. The dividend amount will be credited to accounts of shareholders who have instructed SABB to do so.
SABB reported a net profit of SR276 million ($74 million) for the first quarter of 2003, up 17.4 percent from the year earlier period. Customer deposits increased to SR34.2 billion ($9.1 billion) at March 31, 2003, from SR32.1 billion ($8.6 billion) at March-end 2002. Loans and advances to customers were higher at SR22.4 billion (six billion dollars) at March 31, 2003, from SR17.3 billion ($4.6 billion) at 31 March 2002.
SABB was established in 1978 as a Joint Stock Company. The Bank formally commenced operations with the taking over the British Bank of the Middle East in Saudi Arabia. The bank operates through a network of 81 locations, which includes a branch in London and 13 women branches. SABB is an associated company of the HSBC Group, one of the world's largest banking and financial organizations. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
