Samba Posted another Record-breaking Growth of 30% Al-Eisa: Samba Realized a Record Net Profit of SR5.2 Billion in 2006
His Excellency Mr. Eisa M. Al-Eisa, Samba Managing Director and CEO, announced that Samba Financial Group has realized the highest quarterly net profits ever in its history raising significantly its 2006 net profits to SR 5.2 billion, an increase of 30% versus 2005 net profits of SR 4.00 billion.
Commenting on the flourishing results, Mr. Eisa Al-Eisa says, "Net profits grew by 30% to over SR5.2 billion. Total assets rose by 15% to SR124 billion versus SR108 billion in 2005. Demand deposits grew by 12% to 95 billion versus SR 85 billion in 2005. Meanwhile, return-on-equity rose by 37% compared to 34.9% in 2005, whereas Return on Assets rose to 4.5% compared to 4% in 2005. Earnings-per-share grew by 30% to SR 8.7 versus SR 6.7 in the previous year".
Al-Eisa added "Samba had distributed SR 1,069 billion in dividends for the first half of 2006, and should the Shareholders Annual Meeting approve the Board's recommendations, the 2006 total dividends will jump to SR 2,171 (net of Zakat), compared to SR 1,783 in 2005, a growth of 22%.
This hike in dividends was prompted by several enabling factors, such as diversification of revenue sources, launching more new services and investment schemes in line with the clients' expectations. Further, restructuring of our priorities boosted our financial strength and market reputation, as always".Al-Eisa expressed his sincere appreciation to Samba customers for their continuous support and loyalty. He also thanked Samba employees for their dedication and hard work which brings the bank to new highest.