Financial and Banking News
Samba Profits Soar by 260%
Saudi American Bank (Samba), which is 40% owned by Citibank, was the firstSaudi bank to report results for 1988 with a 261% increase in profits toSR235.2mn ($63mn). Samba's announcement last week showed strong balance sheetgrowth, with total assets (less contras) up 22.1% to SR24.05bn ($6.4bn),customer deposits up 15.8% to SR17.78bn, and loans up 19.3% to SR6bn. The loanportfolio in 1988...