Samba ranked second highest Arab bank in terms of 2009 profits and highest rated Saudi bank by international rating agencies
In a recent economic report, Samba Financial Group was ranked as the second highest Arab bank in terms of realizing profits during 2009. The ranking acknowledged the strong financial position of the Group, in spite of the consequences of the global financial crisis, instability in global financial markets and the downturn trend witnessed by the banking industry. The report, which listed the top 150 Arab banks, was compiled by "Al Eqtisad and Al A'amal" magazine and published in its October 2010 issue. This report coincided with the announcement of Samba's third quarter financial results which saw Samba post a net profit amounted to SAR 3534 million, coupled with an increase in equity by up to 17% when compared to quarter three 2009.
The third quarter results also saw Samba increase its total assets and strengthen its capital base despite the challenges that beset the global financial markets. This is a testimony of growing confidence in the bank and its strategies. Parallel to this, Samba's share has gained 25% in value since the outset of 2010, confirming the leading position and reputation which the Bank is keen to consolidate.
To coincide with this positive ranking from "Al Eqtisad and Al A'amal" magazine, the latest upgrade of Samba's credit rating by Standard & Poor's to A+ puts samba as the highest rated Saudi bank by international rating agencies. Previously, "Moody International" upgraded Samba's rating from A1 to Aa3, whereas "Capital Intelligence" raised its rating of Samba earlier from A + to AA-, a rating that has boosted the standing of Samba in the industry on the local and regional level.
An earlier report prepared by "Arabian Business" magazine in late 2009, covering the performance of 25 banks selected from the GCC and the Middle East, considered Samba Financial Group as the 'smarter bank' in the Middle East due to its distinguished success in overcoming the global financial crisis. This success acknowledged Samba's strategies and policies in risk management in addition to its strong financial conditions, enabling it to cope with market fluctuations despite the difficult industry environment that has affected the activities of banking and financial institutions in both the regional and on a global level.