Saudi American Bank sees 11 percent hike in profits
The Arab world's third largest bank, Saudi American Bank (Samba), saw its profits rise 10.7 percent in 2000 to two billion riyals ($542 million), the bank said Wednesday, January 31. Total assets rose almost five percent to 81 billion riyals ($21.6 billion), the bank said in a statement without elaborating, while deposits increased more than eight percent to 56.1 billion riyals ($15 billion).
"The results of the year clearly reflect the efficiencies resulting from the consolidation of the operations" of Samba and United Saudi Bank in a July 1999 merger, said the bank's chairman, Sheikh Abdulaziz bin Hamad al-Ghosaib.
Saudi Arabia, the world's largest oil producer and exporter, has enjoyed renewed economic strength over the last year on the back of high crude prices. — (AFP)
© Agence France Presse 2000
© 2001 Mena Report (www.menareport.com)