News 2008

July 2008


To Support our Brotherly Palestinians in Gaza Strip
Al Eisa: Samba's Donation Signifies the Solidarity between the Kingdoms's Leaders and the Community

Mr. Eisa M. Al Eisa, Samba's MD & CEO, has announced that Fitch Ratings, a leading global rating agency, has upgraded Samba's Long Term Issuer Default Rating (IDR) to A+ from A with Stable Outlook, which is one of the highest among the banks in the Kingdom, and it is also in line with upgrading the Saudi Arabia's sovereign long-term local and foreign currency IDR. Fitch also upgraded Samba's Support Rating Floor to A+ from A. Other ratings reaffirmed were S/T Foreign Currency IDR: F1; Support: I; and Individual B.

Al Eisa has also announced that Samba Financial Group has posted net profits of SR1,224 million during the second quarter of 2008, up by 2% over the first Quarter 2008 which was SR1,201 million. The net profits of the first half 2008 (ending on 30 June 2008) stand at SR 2,425 million, lower by 5.6% compared to SR 2,568 million in the first half 2007. Al-Eisa also indicated that Samba has managed to grow significantly its core business activities. Compared with the same period last year, the net Special Commission Income increased by 6.6% to SR 2,510 million, Asset Management Income by 21.6%, Other Fees and Commissions by 50.8%, Foreign Exchange income by 19.1%, and net Investment Gains by 97.4%.

"Most financial indicators of the Bank have increased during the first half 2008 due to excellent performance of core business activities. The Group's market value has increased which ranked the Group 4th among the recently announced top 100 companies in the Kingdom in 2008. This performance reflects the group's growth in all segments due to diversification of revenue sources, expansion of activities, careful distribution of risks, increasing care of clients, and meeting their needs through innovation and quality of services and products provided to them to the highest industry standards, which boosts the client's confidence in the Group and maintains its local and regional premier position" Al Eisa said and added "Samba's assets grew by 42.2% % to SR 184 billion from SR129 billion for the same period last year, and deposits grew by 23.8% to SR122 billion from SR98 billion for the same period last year, and total equity grew by 17% to SR18 billion from SR15 billion for the same period last year".

Al Eisa pointed out that Samba Financial Group has proceeded with its ambitious expansion plans, as it has already launched its first branch in Dubai, UAE, obtained a license to operate in Qatar and finalize the renovations of its UK branch. These initiatives reflect the increasing confidence, ambitious outlook and further steps to wider horizons.