VOL. XL

No. 8

24-February-1997

SAUDI ARABIA

Saudi British Profits Up 15%

Saudi British Bank (SABB), in which HSBC Group has a 40% stake, has declared profits of SR465mn ($124mn), a rise of 15% over the previous year. Income from investment securities continued to produce the preponderance of earnings, although net interest income has been restored to its highest level in four years. The bank said in a statement that the increased profits were due to improved liquidity in the Saudi economy. On...