Riyadh- Chairman of the Board of Directors of “Samba Financial Group” Isa bin Mohammed al-Isa announced the financial results for the first half of the current year 2017 in which the bank has achieved a net profit of more than 2.5 billion Riyals ($666.6 million), exceeding analysts’ expectations.
The net profit for the second quarter of this year has also amounted to 1.3 billion riyals ($346.6 million), an increase of 3.2 percent compared to the first quarter.
Isa explained that in the first half of 2017, Samba managed to maintain a steady growth rate in its performance, reflected by the positive results of its various sectors and banking and investment activities.
“Its revenues rose from private commission income increased by 6 percent compared to the same period last year. Trading income increased by 310 percent and investment income increased by 52 percent over the same period last year,” Isa said.
He pointed out that the loan-to-deposit ratio stood at 70.4 percent, reflecting the liquidity of the financial center, making Samba ideally positioned for future growth opportunities.
As a result of this outstanding performance, total shareholders’ equity increased by 9 percent to 44 billion riyals ($11.7 billion).
“Despite continued volatility in the global financial markets, the Group’s strategy of diversifying sources of income and adopting a long-term vision in its methodology has contributed to maintaining a growing pace of performance and enhancing stability indicators in achieving its interim results and maximizing shareholder returns while maintaining advanced levels of high quality, value-added and highly competitive services and products,” Isa said.
This explains the Group’s continued trust in global expertise and continued access to the best credit ratings in the Kingdom; its latest of which was the strongest bank in the Middle East and Saudi Arabia Award for the year 2016 in recognition of the quality of professional practices and outstanding performance enjoyed by the Samba Financial Group, he added.
The Chairman of Samba Financial Group expressed his gratitude and appreciation for the trust and support of the customers, shareholders and employees, which have had a positive impact on the continuation of qualitative achievements in line with their aspirations.