Al Eisa: Our Net Profits Hit SR 3,868 Million With Significant Growth in Major Business Segments
Mr. Eisa M. Al Eisa, Managing Director and CEO of Samba Financial Group announced that the Group has realized net profits of SR 3,868 million during the first nine months of 2007. The 3rd quarter profits posted SR 1,302 million against SR 1,296 million for the second quarter 2007, an increase of 0.5%, driving the profit per share to reach SR 2.17 against SR 2.16 for the second quarter 2007.
The group has witnessed continuous growth in its core banking segments compared with the corresponding period 2006, Al Eisa added. Our special commission income rose by 15.6% to SR 3,677 million against SR 3,182 million for the corresponding period last year, and exchange income rose by 43.2% to SR 287.14 million against SR 200.5 million for the corresponding period last year. Al Eisa also highlighted the financial indicators and their positive implications on the Group's performance. Our assets grew by 22.1% to SR 141,286 million from SR 115,755.9 million for the corresponding period last year, loans grew by 16.4% up to SR 77,914 million and deposits grew by 18.4% to SR 105,905.4 million from the same period last year, and our total equity grew by 17.1% to SR 16,928.4 billion from the corresponding period last year.
Al Eisa indicated that the Group's financial results imply positive connotations. The Group has witnessed growth in most of its core business segments thanks to diversification of revenue resources, expansion of activities, careful diversification of risks, increasing care of customers, enhancing the quality of services, cross-selling across major business segments, extending of service offerings to include more innovative banking, financial and investment solutions to satisfy customer requirements and cater to the market demand.
Our impressive performance and advanced offerings are internationally, regionally and locally acclaimed by several rating and specialized institutions which have awarded the Group 20 accolades so far in 2007, including "Best Bank in Saudi Arabia" from Euromoney and "Best Bank in Saudi Arabia" from Global Finance, Al Eisa says. Both magazines are highly reputable and credible organizations in rating banking and financial institutions on country, regional and international levels. They build their judgments on multi-tier evaluations by specialized judges and industry experts. Selecting Samba Financial Group to win such these 2 prestigious accolades as will as other accolades reflects the local, regional and international high standing of the Group and its exemplary performance in providing world-class financial services.
Al Eisa commended the Group's expansion and growth strategy crystallized by successfully finalizing the acquisition of 68.4% shareholding of Crescent Commercial Bank Limited in Pakistan and changing its name to "Samba-Pakistan", which enjoys an extensive network of 18 branches in Pakistani major cities. The Group won the deal after strong competition with several local and regional banks. According to the deal, Samba acquired 600 million shares worth USD 100 million. The Board of Directors of Samba Pakistan has been reconstituted to support its growth plans. Furthermore, the Group has already obtained a full license to operate in Dubai, UAE. The new UAE branch, to be opened soon, will add to the Group's successful strategic expansion plans in GCC markets.
Finally, Al Eisa extends his gratitude and appreciation to the Group's clients for their continued confidence and Its staff for their dedication and efforts, which contributed a lot to the Group's success in maintaining its high standing and performance. He expected that the group will proceed in achieving more qualitative strides in its financial and banking rally.