In 2006, net profits rose 29.7% to SR5.2bn ($1391m) and assets increased by 14.5% to SR124bn, producing an improved RoE of 36.9%. In the very positive economic environment, Samba’s cost-income ratio fell to 24.7% and the NPL ratio fell to 2.9%.
Samba has invested heavily and developed an array of alternate delivery channels. Consumer banking grew by 30% in business income in 2006 and branch banking revenues grew by 33%. In corporate banking, where Samba is the market leader, the bank showed 26% growth and boosted market share to 21.2%.
On the international front, Samba announced its intention to buy 68% of Pakistan’s Crescent Commercial Bank through a $100m investment. It also obtained an approval to open a branch in the UAE, both part of Samba’s strategy of becoming a leading regional bank.
“2007 has been an outstanding year for Samba, and we are delighted to be named the Saudi Arabian Bank of the Year,” says Samba CEO Eisa Al Eisa. “This award is testament to the strength of the Samba brand as defined by the dedication of our staff, the outstanding quality of our products and breadth of our tailored financial solutions, which not only meet, but exceed the needs of our ever-growing corporate, retail and institutional clientele. Samba looks forward to 2008 with much confidence, when we will continue to deliver the highest standards of customer service for which we have become renowned.”
