The Saudi British Bank, which is managed by HSBC Group and a 40 per cent owned-subsidiary, saw its first quarter net profit rise 116.3 per cent over the same quarter in 2005. Results for the quarter showed net profit reaching $263 million for the quarter ended 31 March 2006, an increase of $141 million over the same period in 2005.

The results also showed customer deposits as at 31 March 2006 up by $3.3 billion, or 28.8 per cent, compared with 31 March 2005, to reach $14.5 billion. Over the same period, loans and advances to customers rose by $1.9 billion to $10.5 billion. Total assets also rose 27.7 per cent to $19.7 billion.

“The economies of the Gulf States have been booming and these developments also represent a good opportunity for Maltese businesses. The Saudi British Bank has just re-branded to incorporate the HSBC hexagon in its logo. This development is not symbolic. It represents the close links between the two banks and reflects its ability to offer HSBC standard service to those who need a bank in the Kingdom,” said HSBC Bank Malta plc chief executive Shaun Wallis.

HSBC Bank Middle East Ltd has 30 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, Jordan, Lebanon and the Palestinian Autonomous Area, including an offshore banking unit in Bahrain. This extensive regional coverage is strengthened by another member of the HSBC Group, HSBC Bank Egypt SAE, and by its associated companies, The Saudi British Bank and British Arab Commercial Bank Ltd.

In addition to its Middle Eastern network, the bank has a representative office in Teheran, Iran.