Strong results reflect a balanced performance which has overcome a challenging global financial climate
Al Eisa: Samba's 2009 first quarter results show a 54% increase over the 4th quarter of 2008
Samba Financial Group has announced its results for the first quarter ended March 31, 2009. Mr. Eisa Al-Eisa, Samba MD and CEO, commented on the positive results:
"Our net profits increased by 54 percent over the last quarter of 2008 to SR1.3 billion and was 6 percent higher compared to SR1.2 billion for the same period in 2008. Total Operating Income also increased by 11 percent to SR 1,988 billion against SR1,790 billion for the corresponding quarter last year and by 24 percent over the last quarter of 2008. This excellent first quarter performance for 2009 was achieved despite a challenging environment for the global financial and banking industry. The results validate Samba's sound investment strategy which is reflected in achieving a balanced and robust credit performance. This has enabled the Group to overcome various challenges and maintain its premier position locally and in the Middle East. This has in turn enhanced Samba's market value and won the continued trust of our customers and various international rating agencies"
Al Eisa also mentioned other key financial indicators and highlighted their positive implications on the Group's performance in the first quarter of 2009. Deposits grew by 4 percent to SR 124 billion over the same period last year. Annualized ROA rose to 2.9 percent versus 2.7 percent in the 4th quarter last year. ROE rose to 26 percent over the 4th quarter last year. Revenue-to-Expense ratio increased to 3.9 percent versus 3.3 percent, and earnings-per-share rose to SR 1.41, while net loans and advances stood at SR 90 billion.
"These positive results are a testimony to the Group's astute vision and insight regarding the market and the future outlook," said Al-Eisa. He commended the Group's staff for their untiring efforts which continue to be the foundation of Samba's achievements in the industry.
Al Eisa also noted that Capital Intelligence has upgraded Samba's Long-Term Foreign Currency Credit Rating to AA- from A+, a reflection of Samba's excellent credit performance. Fitch also upgraded Samba's Long-Term Issuer Default Rating (IDR) to A+ from A with a Stable Outlook, one of the highest ratings among Saudi banks. Samba maintained sound ratings from other rating agencies including Moody's and S&P.