SABB Q1 2002 Results

HSBC Holdings PLC
9 April 2002

The following news release was issued today by The Saudi British Bank, a 40 per
cent indirectly-held associate of HSBC Holdings plc.

                             THE SAUDI BRITISH BANK

                    FIRST QUARTER 2002 RESULTS - HIGHLIGHTS

* Net profit of SAR235.0 million (US$62.7 million) for the quarter ended 31
March 2002 - up SAR39.3 million (US$10.5 million) or 20.1 per cent over the same
period in 2001.

* Customer deposits of SAR32.1 billion (US$8.6 billion) at 31 March 2002 - up
SAR1.9 billion (US$0.5 billion) or 6.3 per cent over 31 March 2001.

* Loans and advances to customers of SAR17.3 billion (US$4.6 billion) at 31
March 2002 - up SAR1.0 billion (US$0.3 billion) or 6.1 per cent over 31 March
2001.

* Total value of investment portfolio stood at SAR22.0 billion (US$5.9 billion)
at 31 March 2002 - up SAR3.7 billion (US$1.0 billion) or 20.2 per cent over 31
March 2001.

* Total assets of SAR43.1 billion (US$11.5 billion) at 31 March 2002- up SAR2.0
billion (US$0.5 billion) or 4.9 per cent over 31 March 2001.

* Earnings per share of SAR5.87 (US$1.57) for the quarter ended 31 March 2002 -
up from SAR4.89 (US$1.30) over the same period in 2001.

Comment by David Hodgkinson, Managing Director

The Saudi British Bank (SABB) recorded a net profit of SAR235.0 million (US$62.7
million) for the quarter ended 31 March 2002. This represents an increase of
20.1 per cent over the same period in 2001. Operating income (excluding gains on
investments) of SAR428.1 million (US$114.2 million) increased by 8.1 per cent
compared to the quarter ended 31 March 2001, and was broad based with
satisfactory contributions from all business segments. Earnings per share
increased to SAR5.87 (US$1.57) compared to SAR4.89 (US$1.30) for the first
quarter of 2001.

Customer deposits increased to SAR32.1 billion (US$8.6 billion) at 31 March
2002, up 6.3 per cent on last year. Loans and advances to customers, at SAR17.3
billion (US$4.6 billion), were 6.1 per cent higher.

We are proud that The Consulting Center for Finance and Investment named us the
best performing bank in the field of mutual funds, based on their survey of the
market. In the survey, we achieved the highest number of top rankings for
various categories of mutual funds offered by Saudi banks.

While current economic conditions require strict cost discipline, we continue to
invest in upgrading our customer service and delivery systems in line with the
increased customer focus of our new strategic plan.

We thank our customers for their steadfast support and our staff for their
dedicated efforts during the period.



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