RIYADH, 15 April 2004 — Samba has announced record results for the quarter ended March, 31 with net income of SR581 million, an increase of 21 percent over same period last year.
More significantly, its core net income without capital gains grew by a staggering 46 percent, according to Eisa Al-Eisa, the bank’s managing director and CEO.
The operating income at SR887 million was up by 7 percent compared to SR831 million in 2003, and its core operating income without capital gains grew by 18 percent. The bank was able to keep expenses under control with only a 6 percent increase to SR295 million.
Al-Eisa said the overall performance of the bank continued to be strong with growth across all business areas. A number of innovative products and services were launched during this period.
As a result, total investments at SR38 billion were up by 11 percent and total loans and advances stood at SR37.7 billion, up 13 percent over the same period last year.
Total assets were at SR85 billion compared to SR 80 billion in March 2003. Total deposits grew nine percent to nearly SR65 billion.
A 19 percent underlying growth from March 03 in demand deposits is reflective of the increasing business momentum and the confidence customers have in the bank.
Samba enjoys a strong capitalization and a healthy balance sheet for shareholders‚ who have an equity of SR9.6 billion supporting total assets of SR85 billion.
On a quarterly basis, the earning per share has increased to SR7.26 compared to SR 6.01 for the same period last year.
