Ranked as the "Safest Bank in the Saudi Arabia" and one of safest banks in the world
Mr. Eisa bin Mohammad Al-Eisa, Chairman of Samba Financial Group, announced the Group's financial results for the third quarter 2011. The Bank's total net profits since the beginning of the year until the end of September rose to SR 3,360 million, while the third-quarter profit amounted to SR 1,135 million, an increase of 3% compared to the third quarter of 2010, exceeding analysts' expectations.
Al Eisa said that Samba was able to continue to achieve positive results through various banking and financial activities, and managed to maintain steady growth rates in all business segments. Fees from income from banking services during the nine months increased by 12%, while the Bank continued to diversify its sources of income, recording a growth in income from other sources by 59% over the same period last year. Income from foreign currency exchange in the third quarter rose by 21% compared with the same period in 2010.
Al Eisa ascertained that the third quarter of this year witnessed a rise in assets of 2% to reach a total of SR189 billion compared to SR 185 billion at the end of the third quarter last year, contributing in turn to strengthening the Bank's liquidity base, and stimulating financing activity and lending solutions provided by the Bank to its retail and corporate clients. The Chairman further pointed out that loans to deposits ratio as at the end of the third quarter stood at 66%, whereas loans and advances portfolio as at 30/9/2011 amounted to SR 88 billion, compared to SR 81 billion for the corresponding period last year, an increase of 8.5%. Customer deposits recorded a growth of 2.3% by the end of the third quarter this year to hit SR 135 billion, compared to SR 132 billion for the same period last year. Al Eisa elaborated further by saying "The Bank continued also to grow its investments, which reached to SR 66 billion at the end of September 2011, compared to SR 64 billion last year, an increase of 3%. Total shareholders' equity increased to SR 27 billion during the third quarter, a growth rate of 7% from the corresponding period last year".
Al Eisa remarked that the continued ability of Samba Financial Group to maintain the pace of strong performance and positive results would not have been possible without the great efforts of the Group's staff, and their relentless enthusiasm and dedication to promoting the Bank's leading position and reputation it has gained on a local and regional level. He praised the confidence of the bank's customers as well, placing the Bank as the preferred banking and investment option, and driving it to provide more innovative solutions and services that meet their aspirations.
"The Bank's positive financial results during the third quarter this year, were in harmony with the stream of prestigious accolades awarded to the Bank over this period in recognition of its excellence and recognition of the quality and standards of its banking and investment services, in addition to its numerous achievements and advanced credit ratings given to it by the major rating agencies, clearly renewing their confidence in the Bank's performance, as well as its professional and credit policies" Al Eisa said, and added "Samba will strive to achieve more to enrich its rally in the financial and banking industry".
It is worth noting that Samba's third quarter results in 2011, come in line with the Bank's attainment of a series of numerous awards in various business sectors. Global Finance magazine recently ranked Samba as the safest bank in the Kingdom of Saudi Arabia, for the second consecutive year, and one of the safest banks in the world, following its exclusive annual survey evaluating the long-term creditworthiness of the 500 largest banks around the world. Global Finance also awarded Samba with 4 accolades during the third quarter 2011 in recognition of its superior internet banking services. The Banker has also named Samba the "Best Investment Bank in the Middle East in 2011" bringing the total number of awards given to Samba during this year to 15.
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© Press Release 2011
