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Samba Financial Group’s (SAMBA) booked sufficient provisions in Q1 2020 as part of the precautionary measures to face emerging challenges, Chief Executive Officer, Rania Nashar told Argaam in an exclusive interview.
She added that provisions will be reflected in the group’s financial statements, noting that SAMBA, like any other bank, has set a credit provisions policy within the framework of IFRS9, in accordance with international standards.
This policy is based on a conservative approach to book periodic provisions during critical economic situations and support any unexpected credit shock, Nashar further explained.
She stressed that these measures have been approved by the bank’s independent auditors who have recognized the provisions sufficiency at the present time.
“We will be closely monitoring the credit environment, and if necessary, additional provisions will be booked to ensure the bank enjoys a strong portfolio and its current assets are satisfactory,” she highlighted.
Nashar expressed optimism that the bank will maintain asset quality indicators despite the challenges caused by the outbreak of the COVID-19 pandemic.
On SAMBA’s Q1 2020 results, she said that SAMBA’s performance was “impressive” reflecting its diversified business model, strong foundation, and ability to operate in difficult circumstances.
Nashar also said that major performance indicators were positive during Q1 2020, including key financial performance indicators related to profitability, liquidity, capital adequacy, and asset quality.
She highlighted that the bank was able to achieve such results under extremely challenging conditions amid the virus outbreak, coupled with all-time low interest rates.
“The management’s response was swift in terms of adapting to new realities and adopting alternative strategies aimed at generating diversified returns for the bank,” she indicated.
According to data compiled by Argaam, Samba Financial Group reported a net profit of SAR 1.274 billion for the Q1 of 2020, a 20% year-on-year (YoY) increase, compared to a profit of SAR 1.065 billion for the same period last year.
Nashar also highlighted the role of the Saudi Arabian Monetary Authority(SAMA) in supporting banks.
“The Saudi banking sector enjoys a strong capital base and profitability despite risks, as its exposure is limited to local firms. Results have showed that major banks have absorbed liquidity pressure and credit losses, while keeping their reserves untouched,” she concluded.
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