Saudi British Bank (SABB), a leading financial institution in the region, has registered a solid performance for the first quarter, generating a net income of SR1.01 billion ( ), up 4% over the last year's figure of SR970 million, thus building upon the bank's achievements of 2021. Announcing the results for the three-month period ended March 31, 2022, SABB said its total operating income surged to SR2.11 billion, thus posting an increase of 4% over the same period last year. Meanwhile, fees from banking services amounted to SR339 million, compared to SR300 million, an increase of 13%. Additionally, exchange income amounted to SR179 million, compared to SR130 million, an increase of 37%. Market expectations for global benchmark interest rates point towards a return to a more normalized rate environment, which will further benefit SABB’s future revenue generation, it stated. SABB's shareholders’ equity surged to SR54 billion, compared to SR52 billion for the same period in 2021, an increase of 3%. Moreover, total assets reached SR283 billion, compared to SR272 billion for the same period in 2021, an increase of 4%. The bank's financing portfolio too posted a solid growth, surging to hit SR176 million, up 12% compared to the same period last year. Customer deposits rose to SR194 billion, thus registering an increase of 6%. With these results, the bank achieved a return on average assets of 1.5%, while the return on average tangible equity was 9.7% and earnings per share amounted to SR0.49. On the solid performance, Lubna Sulaiman Olayan, Chair of the Board of Directors, said: "SABB continues to pursue its strategic plan, with growth remaining firmly on track and a robust performance across all businesses during the first quarter. Corporate sentiment looks increasingly positive and originations continued at pace, more than offsetting repayments and resulting in 4% loan growth." "SABB’s involvement in some of the kingdom’s transformation programs included its continued support of the Red Sea Development Project through acting as the lead arranger on a SR5 billion project-financing deal to create and manage the utilities infrastructure and financing the construction of ‘The Avenues-Riyadh’, one of the region’s largest shopping, tourism and entertainment projects," remarked Olayan. "In relation to SABB’s retail business, the investments made in developing a fuller suite of REDF mortgage products and features towards the end of last year resulted in a marked improvement in originations in the first quarter compared with the last quarter of 2021; overall retail loan growth for the quarter was 7%," she added. According to her, SABB’s engagement in these areas demonstrates its focus and leadership across several of the key Vision 2030 transformative programs.