Samba to maintain growth in 2019 on rising interest rates: CEO

Samba Financial Group (Samba) is expected to maintain its growth rates in 2019, boosted by potential economic rally, higher oil prices and rising interest rates, Al Arabiya TV reported, citing chief executive officer Rania Nashar.

Nashar attributed the improved financial statements for 2018 to a 7 percent increase in net special commission income, which reflected positively on Return on Assets (RoAs).

Samba has a loan coverage ratio of 175 percent, Nashar said, adding that “the bank has sufficient reserves with no credit exposure.”

The firm reported a 10 percent profit increase year-on-year (YoY) to SAR 5.5 billion in 2018, whereas Q4 2018 net earnings jumped 16 percent YoY to SAR 1.4 billion.