SABB sees brighter outlook on lending

* username: rupertbu

SABB, HSBC’s Saudi Arabian affiliate previously known as Saudi British Bank, has had an uneasy time of it of late. Last year the bank reported net profits of SR2.2bn ($585m), its lowest in five years.

And, in the fourth quarter of last year, the lender’s profits nearly halved after booking increased provisions and lending slowed.

This year, the bank says, is likely to be substantially better as a result of stronger fundamentals in the Saudi economy.