Samba Bank maintains JCR credit rating at A/A-1 with Stable outlook
KARACHI June 29, 2010: Samba Bank Limited (SBL) maintained its credit rating at A/A-1 (Single A/ A-One) as reaffirmed by JCR-VIS Credit Rating Company with outlook on the entity as 'Stable'.
The affirmation of rating is the testament of the continued support by the parent, Samba Financial Group, Saudi Arabia (SFG), which was recently exhibited through the capital injection of Rs. 3.2 billion which allowed the bank to exceed its minimum capital injection requirement. SFG which now owns 80.67% of SBL, is the second largest bank in Saudi Arabia which is rated Aa3 by Moody's and A+ by S&P.
SBL's stable credit rating was maintained despite the prevailing business and economic conditions and the financial crises faced by global economies. The bank's financial position is based on a sound footing, with adequate capitalization and healthy regulatory ratios.
SBL resolves to deliver quality results and a strong balance sheet for its shareholders through a strategy of prudent and diversified growth anchored on strong economic fundamentals.