Author Topic: SBL -- Samba Bank Ltd.  (Read 25536 times)

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Toshi

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SBL -- Samba Bank Ltd.
« Reply #-1 on: November 26, 2009, 11:15:59 AM »
All About Bank Samba Bank Ltd.(Formerly Crescent Commercial Bank Limited)
« Last Edit: November 14, 2013, 02:51:57 PM by M&M »

Pakinvestorsguide

SBL -- Samba Bank Ltd.
« Reply #-1 on: November 26, 2009, 11:15:59 AM »

Toshi

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Re: SBL -- Samba Bank Ltd.
« on: November 26, 2009, 11:18:33 AM »
SAMBA BANK LIMITED - Analysis of Financial Statements CY'06-H1CY'09

OVERVIEW (November 26 2009): Crescent Commercial Bank Limited, was a scheduled commercial bank, licensed by the State Bank of Pakistan under Section 27 of the Banking Companies Ordinance 1962. CresBank was formed as a result of an agreement between Crescent Investment Bank Limited (CIBL) and Mashreqbank psc (Mashreqbank) for the amalgamation of CIBL and Mashreqbank's Pakistan operations into a new banking company.

On March 30, 2007 Samba Financial Group acquired 68.4% shares of CresBank by subscribing to 600 million new ordinary shares for a consideration of Rs 6.0 billion. The Crescent Bank acquisition had come after its liabilities had exceeded its assets.

CresBank's Board has been reconstituted to appropriately reflect the change in the bank's ownership. Following this investment by Samba, CresBank has emerged as one of the highest capitalized banks in the country with a paid-up capital of Rs 8.769 billion. Subsequent to State Bank of Pakistan's approval, the name of the bank has been changed from Crescent Commercial Bank Limited to Samba Bank Limited effective from October 20, 2008. The re-branded bank is a subsidiary of Samba Financial Group, Saudi Arabia and incorporated in Pakistan.

Samba is Saudi Arabia's premier financial institution with total assets of approximately US $48 billion and shareholders' equity of US $4.8 billion in early 2008. Samba enjoys one of the highest credit ratings by the Standard & Poors, Fitch and by Capital Intelligence. The Saudi banking group offers varied banking and investment services with a commitment to providing innovative financial solutions of the highest quality and delivering superior returns to its investors.

RECENT PERFORMANCE 1H09

Samba Bank posted a loss after tax of Rs 431 million as compared to a loss of Rs 128 million in 1H08. The loss was huge because of higher operating expenses, higher cost of funds, and higher provisioning against the NPLs. Most of these factors are legacy for the organization and are expected to improve as the management makes the necessary adjustments. Interest earned increased by 13%, however, a faster growth in the interest expensed pushed the net interest income growth in the red by 9.5%. The provisions increased by 42.2% to push the profits further down. Non-interest income also showed a decline of 28.5% because of a nil balance in dividend income and a massive decline in other income.

LPS for 1H09 is Rs. 0.49 as compared to Rs 0.15 in 1H08. Advances showed an increase of 13.1%, while investments showed an increase of 5.2%. This trend is against the industry trend of massive increases in investment in the government paper. Deposits increased only by 2%. However what was significant was the fact that the higher cost term deposits were replaced to some extent by the savings accounts. Fixed deposits declined by 25%, while the savings deposits increased by 69%. This would mean slower increase in the cost of funds in the coming time. Borrowing from financial institutions swelled by more than 400%, indicating lower capacity to mobilize resources from the retail customers.

BANKING SECTOR PERFORMANCE DURING CY08

During the period July-December of 2008, the private sector credit off-take from the scheduled banks declined by 26 percent due to tight liquidity approach of the banks, slowdown in economic activity, hike in lending rates and frequent demand stresses. The private sector credit declined by Rs 51.8 billion from July to December 2008. Private sector growth decelerated after recording after recording an average growth of 19 percent during 2006 to 2007.

INVESTMENTS


The investments, especially the government papers, which declined in both absolute rupee terms as well as a proportion of total assets during the first nine months of CY08, registered a slight increase during the last quarter. Actually, the heightened credit risk on account of deterioration in macroeconomic fundamentals and already constrained liquidity profile induced the banks to shift their preference towards risk-free Market Treasury Bills (MTBs).

The banking system has been marked with a high concentration as a small number of banks hold a major share of the system's total assets and deposits. This concentration has been following an overall-declining trend as the medium sized banks gradually gained market share. However, due to unusual liquidity stress that affected mainly the small and medium sized banks, the market share of five large banks inched up to 52.4 percent (51.3 percent in September-2008).

DEPOSITS

The deposit component registered a slow growth of Rs 153 billion (3.8 percent) this year. Incidentally, foreign remittances, a key factor behind the recent year's strong growth in deposits, maintained the momentum and grew by 17 percent over the CY08. The industry has been witnessing a gradual shift in deposits from savings to term deposits for quite some time. This trend emerged largely in response to SBP's policy incentives to encourage the mobilization of longer-term deposits so as to reduce the maturity mismatches.

Consequently, fixed deposits gained a significant share of savings deposits since 2004. However, SBP's policy drive to increase the CRR and SLR in last week of Jun-08 and exemption of long-term deposits from SLR requirements during the last quarter also seem to have considerably invigorated this trend. (Other factors like general rise in interest rates and innovative deposits scheme have also augmented the depositors' preference for term deposits).

ADVANCES

Advances witnessed a significant slowdown during CY08. The worsening business and economic environment somewhat increased the credit risk, which compelled the banks to adopt cautious lending strategy, particularly in consumer sector where the advances have been decreasing since the start of CY08. Some new loans have been issued of which a significant portion of these was disbursed to public sector enterprises (PSEs). CY08 however observed a deviation in the growth pattern of advances. Slackness in the demand for bank credit during CY07 coupled with slowdown in economic activities and tightening of monetary regime, forced the banks to reposition their lending strategy and asset profile. The asset mix of the banking system gradually shifted from lending to investments during the first three quarters of CY07

PROFITABILITY

The cumulative profit of 22 listed commercial banks has declined by 21% to Rs 50.3bn in the year 2008 as compared to Rs 63.6 billion earned in the same period in 2007, mainly due to higher provisions for non-performing loans (NPLs) and impairment loss. The full year profits of CY08 were however lower than profits for the last couple of years but still it remained profitable. The overall profitability was neutralizing due to more than proportionate increase in operating expenses and provisioning for loan losses. In absolute terms, expenses increased by 33.4 percent to Rs 235.8 billion in CY08, which affected the overall profitability of the system.

In addition to higher provisions, enhanced branch network with increased human resource base has soared the expense of the system during the last quarter under review. Moreover, stock market crash in the second half of 2008 resulted in bank recognizing impairment loss of Rs 12 billion as against only Rs 287 million recognized in 2007. High spreads of 7.29% in 2008 and strong advances growth of 19% supported the net interest income, while non-interest income increased by 11% on the back of surge in exchange gain as rupee remained volatile against the dollar.

The annual audited results of the top five banks for the year 2008 show that their profitability on average has remained at the previous year's level. The assets distribution on the basis of ROA shows that 16 banks, holding 67.9 percent market share, have ROA of one percent and below. The banking sector in Pakistan has remained somewhat insulated from the global financial turmoil and has maintained its profitability albeit the slower growth. The prevailing global economic downturn nevertheless has the potential to impair corporate and business profitability that may ultimately heighten the credit risk and may affect the earnings of the banking sector in the quarters ahead.

NPLs


NPLs have been on the rise mainly due to poor economic performance of the economy and the FSV benefit therefore resulting in worsening of asset quality ratios. Total provisions for NPLs surged to Rs 53 billion in 2008 as against Rs 42 billion in 2007, an astounding growth of 27% largely due to slowdown in economic growth. The composition of segment wise NPLs of the banking system shows that infection ratio of all the segments except agriculture have increased. The infection ratio of consumer finance portfolio increased in CY08 (2.3 percent over the year).

Rising inflation and contained disposable incomes coupled with increasing lending rate have reduced consumers' appetite for credit as well as their repayment capacity, resulting in increasing defaults rate in the consumer finance. Interestingly, in the wake of economic slowdown, banks seem to facilitate the businesses through rescheduling/restructuring of loans, the textile sector being the major beneficiary. Latest banking industry numbers show an effort to keep balance sheets clear of NPLs by recognizing and providing for NPLs on criteria that are more stringent. This approach might look costly in the meantime but in the long run it'll definitely benefit banks by providing a cushion to withstand losses.

FINANCIAL PERFORMANCE CY06-CY08

Samba Bank has posted a loss after tax during the period under review. In CY06, the bank registered a loss of Rs 588 million. The performance of the company further deteriorated during CY07 when the bank's loss increased to Rs 1,323 million. In CY08, the bank managed to put up 26% lower losses as compared to CY07 by registering a loss of Rs 742 million. The reason for lower losses during CY08 was 49% higher interest earned while the interest expenses increased by 28%.

A higher than proportionate increase in interest earned resulted in 99% increase in net interest income. The interest earned increased as the advances portfolio of the bank increased by 31% to Rs 6,163 million as the bank's management consolidated good quality corporate loans. The spread of the bank also increased 2.11% due to improved yield on corporate loans. On the other, the deposit base of the bank narrowed to Rs 9,860 million, decreasing by 22% amidst the tough competition for deposits in the sector and liquidity crunch in the market during CY08. Samba Bank kept its deposit pricing the same as in CY07, and focused on increasing low cost CASA deposits and reducing high cost fixed deposits.

The bank's non-interest income fell by 2.3% to Rs 3 million in CY08, despite 118% increase in fee and commission income. The fee, commission and brokerage income amounted to Rs 51.9 million during CY08 as against Rs 23.8 million in CY07. The increase in fee, commission and brokerage income was mainly due to expansion of the bank's branch network and increased business activity. The dividend income earned dropped by 62% during CY08 due to turmoil in the equity market in the country. Likewise, the gain on sale of securities also decreased. Although State Bank has allowed banks to record impairment of equity investment over four quarters in 2009, the bank has prudently recorded the impairment in 2008 based on December 31, 2008 market value.

Along with higher interest income earned, lower provisioning charged was another reason for better performance by the bank in CY08. Provisions against non-performing loans and bad debts written off were 74% and 100% lower. However, the positive impact of this was limited due to higher expenses. The bank re-branded, integrated, and expanded its business operations and thus incurred higher expenses. The administrative expenses increased by 64%. However, Penalties imposed by State Bank of Pakistan amounting to Rs 49 million squeezed the earnings of the bank, resulting in a loss after taxation of Rs 742 million.

LIQUIDITY

The advances to deposit ratio of the bank improved in CY08 after declining in CY07. The advances of the bank had increased by 96% in CY07 while the deposits surged by 127% during the same time period. In CY07, however, the advances increased (by 31%) more in proportion to deposits (increased by 22%). In CY08, the bank's fixed deposits constituted 74% of total customer deposits increasing from 59% in CY07. The percentage contribution of both current account and saving accounts reduced. The bank is aiming to replace its high cost deposits with low cost CASA accounts in order to limit its cost of funds.

The earning assets to assets ratio of the bank dipped in CY08 after having improved in CY07. The banks total earning asset decreased by 28.5% in CY08 as lending to financial institutions and investments decreased. The lending to financial institutions decreased substantially by 73% while investments dropped marginally by 3%. The bank's lending in the form of call money lending and repurchase agreement lending by fell by 70% and 75% in CY08 as compared to CY07.

ASSET QUALITY


Non-performing loans of the bank amounted to Rs 1,961 million in CY08. The NPLs increased by 5% in CY08 after having declined by 6% in CY07. Samba Bank's consumer portfolio quality worsened during CY08 as tough economic like high inflation and tight monetary policy deteriorated the debt servicing ability of the borrowers. All banks suffered from high NPLs during the year. However, the NPLs to Advances ratio of the bank has been steadily declining from FY06 to FY08. This is because the advances of the bank increased in CY07 while the NPLs declined. In CY08, although the NPLs increased but it was at a less than proportionate rate than the increase in advances (31%).

During the last quarter of CY07, SBP withdrew the benefit of Forced Sales Value (FSV) which resulted in higher provisioning against non-performing advances for the entire banking sector. Similarly, in CY07, Samba Bank's provisions against non-performing advances increased to Rs Rs 835 million as compared to Rs 81.6 million in CY08. Thus, the provisions to NPLs ratio plummeted during CY07 but declined again in CY08 due to lower provisioning charges during the period.

FUTURE OUTLOOK

The SBP further loosened its monetary policy as it slashed the discount rate by 50 bps to 12.5%. The policy rate cut has been lower than expected. However, a lower discount rate is expected to reduce the banking spread and affect the interest income earned by banks. Easing monetary policy and favorable liquidity position has reduced KIBOR and six months repo rate since April 2009. The demand for private sector credit has been declining sharply and a decline in the policy rate of 100 bps to 13% earlier in CY09 could not boost this dwindling demand.

This was because slow economic activity country hampered credit off-take and the banks also took a stance of risk aversion in the face of increasing NPLs (which rose by Rs 19 billion during 2Q CY09 and has reached Rs 398 billion by the end of June 2009. Banks were more attracted towards government paper. The demand that was emanating was from the PSE mostly. FSV benefit up to 40% has been allowed by SBP. This would give benefit to the banks in terms of lowering the provisioning requirements and thus bolstering the bottom line.

SBP has also introduced a reverse repo rate at 9.5 percent to manage liquidity and stabilise the interest rate in the overnight money market. The SBP policy rate will act as a 'ceiling' while the repo rate on the new overnight deposit facility (300 bps below the SBP policy rate) will provide a binding 'floor'. This new framework will improve liquidity management and make money market operations more transparent. Liquidity position in the market has been favorable and thus the total deposits with the banks expanded by Rs 295.3 billion during the 2Q CY09. The Budget 2009-10 is expected to have a neutral impact on the banking sector.

COURTESY: Economics and Finance Department, Institute of Business Administration

Offline Karuli

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Re: SBL -- Samba Bank Ltd.
« Reply #1 on: November 26, 2009, 11:24:46 AM »
thanx toshi bhai

Offline Admin

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Re: SBL -- Samba Bank Ltd.
« Reply #2 on: December 09, 2009, 10:03:16 AM »
Samba issuing right shares to meet MCR
 
 
 
Wednesday, December 09, 2009
By Saad Hasan

KARACHI: Samba Bank will issue right shares to raise Rs3.2 billion in a bid to shore up its capital base to meet the State Bank of Pakistan’s (SBP) minimum paid-up capital requirement, the bank said on Tuesday.

The right shares will be issued to existing shareholders at a discount price of Rs5.75 per share compared to book value of Rs10. It will issue 6.34 right shares for every 10 shares held.

The bank has seen its capital depleted by accumulated losses to just Rs5bn in the six months to June 2009. As per SBP’s MCR, banks must have paid-up capital of at least Rs6 billion by the end of the year.

The development was received positively at the stock market as Samba’s share rose 10.65 per cent amid a broader market fall of 1.66pc.

Samba’s announcement follows similar initiatives by other banks, which have been scarred by heavy losses because of falling spreads and rising non-performing loans.

Just recently, Silkbank said it will issue right shares to raise its capital to Rs7bn. Its capital had reduced to just Rs3.3bn as of Sept 30 because of accumulated losses.

Soneri Bank has also decided to issue right shares to meet the MCR after its profit plunged to just Rs116 million in Jan-Sept 2009 from Rs716m in the same period of last year. Its capital stands at around Rs5bn.

Some banks have to opt for merger with larger banks after their sponsors refused to pump in more cash. Atlas Bank’s biggest shareholder is selling 58.31 per cent shares to Suroor Investment at Rs4.5 per share.

Suroor, the Mauritius-based investment firm, has already acquired a stake in Arif Habib Bank (AHB) and Mybank in similar deals earlier this year.

Atlas Bank saw its capital being wiped off to just Rs2.6 billion in the nine months to September 2009 during which period it suffered an after-tax loss of Rs1.4bn.

Economic slowdown, rising non-performing loans and loss on equity investments have cost dearly to banks. While drop in corporate earnings have made banks too cautious, consumer financing has almost stopped.

Mybank has also been in murky waters as in the nine months to September 2009 its loss increased to Rs1.167bn compared with a profit of Rs502m in the same period last year.

The SBP has been pushing the idea of consolidation for smaller banks, which are facing difficulty in raising deposits and earnings as the economy slowed down.

The financial downturn and its economic repercussions have turned out to be devastating for some other smaller banks, which have lost their equity to rising non-performing loans.

After seeing that even the global banking system was in crisis, the SBP revised the MCR for banks in Pakistan.

Now banks are required to have MCR of Rs6bn by end-2009 and then they have to increase it by Rs1bn each year till 2013.

 
 
 
 
 
 

Offline Research Doctor

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Re: SBL -- Samba Bank Ltd.
« Reply #3 on: January 30, 2010, 11:51:21 PM »
samba bank walon ki niyyat theek nahi lag rahi. yeh sirf SBP aur KSE ke haathon majboor lag rahay hain ke apna capital increase karain. But what I think is they r not interested much. Read all the notices they have given to KSE, u analyse their style and language. They r doing it unwillingly, just in majboori to keep KSE satisfied. They r issuing right share at a very high rate (6.5 rs). u know its going low and low daily and now @ 3. who will buy their rights? certainly they want the move to get failed........and they will be delisted. Main ne 10K liye thay @ 3.6 laikin nikaal deye with great loss @ 3.12, in hopelessness

Offline libra786

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Re: SBL -- Samba Bank Ltd.
« Reply #4 on: March 19, 2010, 11:23:30 AM »
Today there seems to be some activity in SBL. High volume n price gain !

Offline Big Broker

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Re: SBL -- Samba Bank Ltd.
« Reply #5 on: March 19, 2010, 11:32:24 AM »
Buy SBL

ik cap layoo
Warning: Confusing ones self with technical analysis may be hazardous for financial health.

Offline M&M

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Re: SBL -- Samba Bank Ltd.
« Reply #6 on: May 14, 2010, 04:33:31 PM »
Samba Group injects Rs3.2b into bank



KARACHI: Samba Financial Group of Saudi Arabia has injected Rs3.2 billion into Samba Bank, meeting the State Bank of Pakistan’s minimum capital requirement, says a company press release.

With the capital injection, Samba Bank’s capital (net of losses and discount) stands at Rs7.98 billion and the group’s shareholding in the bank will increase from 68.42 per cent to 80.68 per cent. This is the second injection of capital for subscription of rights shares which will strengthen the capital base of the bank in Pakistan, the company said. Late last year, the group had injected the first portion of the shareholding by subscribing to the rights shares. According to the State Bank’s condition, banks had to increase their capital to Rs6 billion by the end of December 2009.

Samba Bank President and Chief Executive Officer Tawfiq A Husain, commenting on the capital injection, said: “By further strengthening the capital base and its shareholding in the bank, the group has demonstrated its commitment and confidence in Samba Bank. The additional capital injection, over and above the SBP’s minimum capital requirement, will make Samba Bank’s capital adequacy ratio one of the highest in the industry and lead to improvement in credit ratings. Samba Bank is listed on all the three stock exchanges (Karachi, Lahore, and Islamabad) of the country and has 28 branches.

Published in the Express Tribune, May 14th, 2010.
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Offline suneelahmed

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Re: SBL -- Samba Bank Ltd.
« Reply #7 on: May 17, 2010, 05:54:13 PM »
after this above news what do research doctor bhai will comment, now co. holding 80%, i think we can see rally in coming days, there are also 2 notices in www.kse.com.pk site, lowest ever made rs. 2.60, so don't you think is better than nib and silk. please do comment. very good and attractive rates to buy.

Offline Research Doctor

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Re: SBL -- Samba Bank Ltd.
« Reply #8 on: May 17, 2010, 08:57:34 PM »
after this above news what do research doctor bhai will comment, now co. holding 80%, i think we can see rally in coming days, there are also 2 notices in www.kse.com.pk site, lowest ever made rs. 2.60, so don't you think is better than nib and silk. please do comment. very good and attractive rates to buy.



is waqt almost every scrip in market is at attractive level from A-Z. Many are at thery historic lows and some at 52 week low. Isi liye suneel bhai aap ke dil main her co' ko le lenay ka lalach aa raha hai aur aap pooch pooch ker thak rahay hain.   Aap kisi se kuch na poochain. Qura andazi karain aur jis Co' ki parchi nikal aaye wohi buy kar lain. Aur buy thori buht na karain.......bank se qarza le ker, ghar baich ker, udhar le ker....her taraf se paisay ikathay karian aur buy kar lain. Aap ke saray losses ka aik jhatkay main kirya karam ho janay ka waqt qareeb lag raha hai!!!!!!!!!!!!!!!!!!!! aur agar aap yeh samajtay hain ke yeh samajhdari nahi hai tu phir samajhdaar banain aur kaanu ko haath laga ker in dino buying ka lalach choor dain aur market chalnay ka intazar karain..........

Offline shahid123456

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Re: SBL -- Samba Bank Ltd.
« Reply #9 on: May 17, 2010, 11:01:57 PM »
RD bhai tussi cha gaie ho...... :clap1: :clap1:
One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute

Offline Research Doctor

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Re: SBL -- Samba Bank Ltd.
« Reply #10 on: May 18, 2010, 12:09:38 AM »
RD bhai tussi cha gaie ho...... :clap1: :clap1:

thank u. I know u understand what i said but kaash ke utar jai "un" ke "dimagh" main meri baat........... :arrowhead:

Offline STOCK.DEPENDENT

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Re: SBL -- Samba Bank Ltd.
« Reply #11 on: April 19, 2011, 12:39:51 PM »
BM 26 APRIL,,, best of luck fasee bhai  :goodc:

Offline fasee

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Re: SBL -- Samba Bank Ltd.
« Reply #12 on: April 19, 2011, 01:21:14 PM »
thanks bro.

although a bit surprised how u new i had it....good memory.

wisay now a days i am a bit out of touch with stocks...as most of my stocks are long term buys...SBL ko bhi 1-2 saal ke liye buy ker ke bhool giya hoon

Offline fasee

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Re: SBL -- Samba Bank Ltd.
« Reply #13 on: April 20, 2011, 07:24:25 PM »
looks like a storm is brewing...lets hope soon enough :fingerscrossed1:

Offline space

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Re: SBL -- Samba Bank Ltd.
« Reply #14 on: November 25, 2012, 08:12:20 PM »
All about Samba Bank Limited
http://www.bloomberg.com/quote/SBL:PA
« Last Edit: November 25, 2012, 10:41:19 PM by M&M »
Portfolio : I try to adhere to Div 40% Growth 20% Midterm Play 13%  Daily Masti Items 7% CASH 20%

Offline space

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Re: SBL -- Samba Bank Ltd.
« Reply #15 on: November 25, 2012, 08:25:02 PM »
Bot on qadir bhai's advise @ 2.45, just a gamble but since then have spoken to a few people about it and everyone I spoke to (not insiders just people I know) says this bank is worth a buy for long term targets of 5+, I am very skeptical of small banks but in the case of SBL, they are owned by Samba Financial Group of Saudi Arabia which happens to be a solid group having learned their banking know how from decades of management agreements with Citibank. Anyhow just thought I would get the ball rolling with this brief non-technical and insufficient  intro.
Portfolio : I try to adhere to Div 40% Growth 20% Midterm Play 13%  Daily Masti Items 7% CASH 20%

Offline asianstock

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Re: SBL -- Samba Bank Ltd.
« Reply #16 on: November 25, 2012, 08:48:09 PM »
Bot on qadir bhai's advise @ 2.45, just a gamble but since then have spoken to a few people about it and everyone I spoke to (not insiders just people I know) says this bank is worth a buy for long term targets of 5+, I am very skeptical of small banks but in the case of SBL, they are owned by Samba Financial Group of Saudi Arabia which happens to be a solid group having learned their banking know how from decades of management agreements with Citibank. Anyhow just thought I would get the ball rolling with this brief non-technical and insufficient  intro.

@Space Bahi - I also have news about  moving upside sooner..Keep watch... My  first target is 3.50+

Offline dreamer

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Re: SBL -- Samba Bank Ltd.
« Reply #17 on: December 07, 2012, 09:45:31 PM »
Any idea why is it going up while its owner (Samba group of Saudi Arabia) is going down and down.

Offline SBM

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Re: SBL -- Samba Bank Ltd.
« Reply #18 on: December 26, 2012, 04:32:09 PM »
http://www.kse.com.pk/notices-updates/detail2.php?id=4&nid=039681&pagesize=1&pageno=2

Capital restructuring
and 2 billion rupees rights issue.

seniors pliss share yours dehans.
I hate waking up.