JCR-VIS Credit Rating Company has upgraded the short-term rating of Samba Bank Limited (Samba) from A to A+ (A to A plus) and reaffirmed its long-term rating at A-1 (A-One). The outlook on the above rating has also been confirmed as stable. These short and long term ratings denote low credit risk of the bank due to adequate credit quality with reasonable protection and strong capacity for timely payment of all financial commitments.
The improvement in the rating is a testament to Samba's overall financial performance, which continues to improve with growth in its Consumer Banking, Corporate & Investment Banking & Treasury businesses. In spite of a very challenging business environment, the bank has been able to demonstrate sustainable growth with continued support from its parent, Samba Financial Group, Kingdom of Saudi Arabia.-PR
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