SABB-Alawwal integration progressing well, says Olayan

Lubna Olayan.

The integration of Saudi British Bank (SABB) and Alawwal Bank is progressing as planned, Lubna Sulaiman Olayan, chairperson, SABB, said in a statement on Tuesday.

The Tadawul-listed bank posted SAR 851 million profit in first half 2018 compared to SAR 1.81 billion during the same period 2018.  

“The integration of the two banks is progressing well, and the board and management team are focused on delivering a successful integration and continuing to create value through our businesses by helping our customers achieve their financial goals,” Olayan said.

“Our balance sheet and capital base remain strong and will continue to underpin our lending growth capacity as we seek to support our customers,” she added.
 

Commenting on the H1 2019 results, Olayan said the merged bank generated a profitable return despite taking into account extraordinary costs and one-off credit losses related to the merger.

“We are certainly pleased to have been in a position to announce an interim dividend distribution, further evidence of the strength of our position.  That position enhances the confidence in our ability to generate increasingly competitive returns as the benefits of the merger are more fully realized,” she added.

SABB’s board of directors recommended a six percent cash dividend for the first half of 2019, amounting to SAR 1.19 billion.