RIYADH, 15 October — Saudi American Bank (Samba) announced yesterday its results for the nine months ended Sept. 30. Net profits at SR1.42 billion ($378.70) were 15 percent down when compared to the record profits for the same period last year. Earnings per share (EPS) for the first nine months of 2002 were SR17.78 compared to SR20.98 for the same period last year.
Samba’s Managing Director Mike de Graffenried said that excluding the impact of non recurring items and credit costs, core operating margin was flat at SR1.54 billion, a solid performance given historically low levels for special commission rates.
Samba’s annualized return on average assets for first nine months of 2002 is 2.4 percent, and its annualized return on average equity 21.3 percent, both ratios considerably higher than industry norms.
Total deposits were SR59 billion at Sept. 30, an increase of SR1.2 billion over last year. Shareholders equity increased by 3.8 percent and loans and advances reached SR35.7 billion, an increase of 11.4 percent over the same period last year. The bank continues to enjoy great balance sheet strength with shareholders’ equity of SR9.4 billion supporting total assets of SR77.9 billion.