By Mohamed Idris

Riyadh-Mubasher: Samba Financial Group has carried out a capital increase for the third time in the last six years.

During the six-year period, the leading bank witnessed strong growth in assets, loans, client deposits and net profits.

Samba’s shareholders Wednesday gave the go-ahead for increasing capital from SAR 12 billion to SAR 20 billion, through two-for-three bonus share distribution.

The capital raise will be effected through capitalising SAR 8 billion from retained earnings, to boost the group’s capital base.

Shareholders also gave a nod to the payment of cash dividends for the second half of 2014 at SAR 0.70 per share, totaling SAR 1.197 billion.

The group paid SAR 1.045 billion for H1-14. Thus, the cash dividend paid for the fiscal year 2014 reaches SAR 1.35 a share, totaling SAR 2.242 billion.

During the period 2010-2014, Samba’s capital was increased from SAR 9 billion to SAR 12 billion, with compound annual growth rate of 7%.

The group’s total assets also rose from SAR 187.4 billion to SAR 217.4 billion, with 4% CAGR for sales.

The value of awarded loans rose from SAR 80.3 billion to SAR 124.1 billion, with 12% CAGR. Client deposits also rose to SAR 163.8 billion from SAR 133.5 billion, with 5% growth.

Samba’s net profits also rose to SAR 5 billion in 2014 from SAR 4.4 billion in 2010, with CAGR of 3%.

Translated by Sayed Abdel Rahman