Standard And Poor’s Affirms SABB’s Ratings

Standard and Poor’s (S&P), one of the world’s leading credit rating agencies, has affirmed The Saudi British Bank’s (SABB) ratings of “A/A-1” with a stable outlook.

The ratings affirmation reflects the Bank’s sound domestic competitive positioning, franchise stability, and good management along with its strong capital and earnings position.

For the first nine months of 2012, SABB recorded a net profit of SAR2,425m, an increase of SAR192m or 8.6% better than the same period in 2011.

Commenting on the ratings affirmation, David Dew, Managing Director of SABB, said: “We are pleased with S&P’s ratings confirmation and the stable outlook. It is an indication of SABB’s financial strengths, continuous prudent risk management and the scale and diversity of our revenue-generating operations, which have enabled the Bank to deliver sound and strong performance.”

Ameinfo