Jul 11 2011 |
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Al-Rajhi, Samba leading Arab banks in terms of profits
JEDDAH - In terms of profitability, Al-Rajhi Bank topped the list with around $1.8 billion in 2010, followed by Samba Financial Group with its net income standing at $1.227 billion, according to a banking report by the Beirut-based Union of Arab Banks ( UAB ).
Abdullah Bin Sulaiman Al Rajhi , Managing Director and CEO of Al Rajhi Bank , said earlier that the bank has succeeded in diversifying the sources of income and grew the investment and banking sectors along with the focus on fulfilling our customers' needs through large network, many ladies centers, in addition to strategically located ATMs and growing international presence.
Samba 's principal activities are conducted through three major intragroups - the Corporate and Investment Banking Group (CIBG), which provide financial products and services to domestic and international entities; Private Banking & Investment Management Group, offering private banking products and services, brokerage services and asset management, and the Treasury Group. In addition, Samba offers non-interest based banking products that are approved and supervised by an independent Islamic Shariah board established by the bank. Samba also operates a wholly owned subsidiary, Samba Fund Management Limited (Guernsey), specializing in mutual funds. Samba also operates remittance centers (SpeedCash) all over the Kingdom in addition to one branch in London.
Eisa M. Al Eisa, the chairman of the Samba Financial Group , is a recipient of distinguished international awards in banking and finance.
The Union of Arab Banks ' report further said that Saudi Arabia had the second largest assets of $394.9 billion at the end of March, followed by Iraq at $308 billion and Egypt at $213.3 billion. Bahrain and Qatar had the fifth and sixth largest assets of $201.1 billion and $158.5 billion. The report showed the UAE, the second largest Arab economy after Saudi Arabia, maintained its position as having the largest banking sector in the region, with its assets of $462 billion at the end of March accounting for nearly a fifth of the Arab banking sector's total assets of about $2.51 billion.
The UAE also topped by loans, which totaled $281 billion and by shareholders equity, which stood at nearly $75.9 billion at the end of March. Deposits with UAE banks were also the largest in the region, standing at $285.5 billion.
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