2006 Third Quarter Results Outweigh 1st and 2nd Quarters Al-Eisa: Samba Posted the Highest ever Income of SR 4.27 billion in nine Months, a Growth Rate of 42.3%
Samba Financial Group (Samba) announced its nine months ended 30 September 2006 financial results, showing an escalating growth in net income up to SR 4.27 billion (2005: SAR 3 billion), an increase of 42.3% over the same period last year. 2006 third quarter income of SAR1.44 (2005:SAR1.19) is the highest ever realized net income sine the bank's incorporation and higher than 2006 first and second quarters, signifying the Samba's outstanding performance and its persistent endeavors to realize best results.
Mr. Eisa AI-Eisa, the Managing Director & CEO released the following commentary on the financial results:/
"The net income for the nine months of 2006 at SR 4.27 billion is up by 42.3%. The operating income of 5.68 (2005:4.22) is higher by 34.7% over the same period last year. The excellent performance and sustained growth in the net income demonstrates samba's successful business strategy toward satisfying its customers needs and ensures our ability to remain strongly competitive, play a leading role in the financial services industry, and continue to leverage Samba's brand and high customer loyalty rating."
Al-Eisa also said "our staff work ethics, culture and professionalism give us strong competitive edge to take advantage of market opportunities and successfully face coming challenges. The strong net income growth over the last 3 years is a confirmation where we are today, our strong position to generate sustained and consistent shareholder value and our high determination to continue reinforcing our premier role and boosting our customers loyalty and confidence."
Al-Eisa added "Samba's growth objectives are on the back of prudent risk taking, effective risk management processes, and strong capitalization, keeping in mind long term strategic vision and objectives. Total loans and advances were up to SR 66.9 billion, compare to SR 60.8 at the end of the same period last year. Demand deposits were up to SR 89.5 billion, compared to SR 82.4 billion for the same period last year. The performance indicators for the nine-month period ended 30 September 2006 is the final confirmation of this outstanding performance over the same period last year. Annualized ROA has gone up to 5.1% from 3.9%, ROE at 41.6% compared to 36.3%, Core Revenue to Expense ratio improved to 4.5 compared to 4.0 and Earnings Per Share grew to SR 9.49 compared to SAR 6.67."
Finally Al-Eisa extended thanks and appreciation to Samba staff "thanks to their continued dedication, commitment, and professionalism, we were able to realize such extraordinary results and assume this premier position."