News 2008

April 2008

Al Eisa: Samba Net Income is SR 1,201 Million in the First Quarter 2008

First Quarter Results Reflect the Clients' Continued Trust in Samba Backed with its Strong Financial Position 

Al Eisa: Samba Net Income is SR 1,201 Million in the First Quarter 2008

His Excellency, Mr. Eisa M. Al-Eisa, the MD & CEO of Samba Financial Group has announced its financial results for the first quarter 2008.

"Samba's 1st quarter 2008 net income is SR 1,201 million, higher by 27% than the last quarter 2007, and lower by 5.4% than SR 1,270 posted in the same period last year. Total Operating Income was SR 1,790 million, higher by 12% over the 4rth quarter 2007.

Al Eisa affirmed that Samba has achieved this excellent performance in the first quarter 2008 despite the drop in the brokerage and asset management revenues. "The overall financial performance of the Bank continues to be strong with significant growth in consumer, corporate and treasury businesses, adding more diversity and quality to our core revenues from customers. Net Special Commission Income was SR 1,312 million increased by 12.9% over the same period last year, Assets grew by 39% to SR 180 billion as compared to SR130 billion for the first quarter 2007, and Investments increased to SR 67 billion, up by 72% over the same period 2007" says al Eisa.

"The first quarter positive results reflect our clients' continued trust and support backed with our strong financial position as well as our leading and integrated banking services we provide to our clients. Total deposits were SR 119 billion, up by 22% since the same period last year, while total loans and advances stood at SR 91 billion, up by 33% vs. last year, and the Foreign Exchange Income rose to SR 114 million by 21% over the same period last year. Our ROA and ROE in the first quarter 2008 were 2.9% and 26.5% respectively", Al Eisa added.

Concluding his statement, Al-Eisa affirmed Samba's resolve to continue diversifying its banking base and boosting its core revenues to maintain its steady growth and strong balance sheet. He further extended his thanks to Samba clients for their confidence and Samba staff for their dedication and loyalty which stand behind all good results.