SAMBA Profits Rise to SR976m

RIYADH, 17 July 2003 — The Saudi American Bank (SAMBA), the second largest bank in the Kingdom in terms of assets, yesterday announced a 1.3 percent increase in its net profits for the first six months of 2003.

The first-half profits of SAMBA reached SR976 million ($260.3 million) up to June 30 this year compared to SR963 million ($256.8 million) in the first six months of last year, the bank said in a statement.

SAMBA’s Managing Director Mike de Graffenried attributed the rise in part to a three percent cut in operating costs and a rise in revenues.

Customer deposits rose by 3.9 percent to $16 billion from $15.4 billion on June 30 last year, de Graffenried added. Assets rose by 3.4 percent to $21 billion in the first half of 2003 from $20.3 billion on June 30 last year.