Samba Profits up by 75% - Announces Net Income of SAR 1428 million for 1st Quarter 2006
Samba Financial Group (Samba) has announced a record increase of 75% in its Net Income over the same period last year.
"The excellent quarter net income of SR 1428 million has been extremely satisfying in the context of the overall performance of the banking sector and the positive economic conditions." Mr. Eisa Al-Eisa, the Managing Director & CEO, said in a statement commenting on the financial results.
"We have a very strong and positive start for the year 2006 with a record first quarter's net income of SAR 1428 million. Our commitment to deliver consistently quality earnings and grow the franchise's overall performance is reflected in the financial results. Samba's business strategy has positioned the franchise to provide a significant competitive edge and to enable the bank to reap the benefits of a strong economic environment. As a result, over the last two years Samba has consistently achieved balance sheet growth, improved asset quality and strong profitability with total operating income reaching SAR 1.9 billion for the quarter a growth of nearly 59% over the same period.
Through our focus of providing innovative customer solutions, quality customer service and use of technology I believe Samba's leadership position amongst the banks in the Kingdom and in the region has been further strengthened. Growing balance sheet supported by strong capitalization and liquidity are the cornerstones of prudently managing the franchise. Total Assets were at SR 114.5 billion compared to SAR 105 billion in March 2005 - a growth of 9%, total loans and advances (net) were at SR 64.6 billion, up by 20.5% at the end of the same period last year, and customer deposits were at SR 93.3 billion, up by 31.5% at the end of the same period last year.
The profitability indicators for the current period have significantly improved over the same period last year. Annualized ROA has gone up to 5.1% from 3.3%, ROE at 45.1% compared to 32.9%, Revenue to Expense ratio improved to approx 4.8 compared to 3.6 and annualized Earnings Per Share grew to SR 47.59 compared to SR 27.20 (SR 9.52 and SR 5.44 respectively, after adjusting for the recent share split).
Lastly, as always we are extremely grateful to our customers for their loyalty and confidence and to our staff for their dedication and contribution to the bank's success."