SBP Approves Samba Bank’s Issuance of Rs. 5 Billion TFCs - Android

The State Bank of Pakistan (SBP) has granted its final approval to Samba Bank Limited for issuance of Rated, Privately… Read More

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The State Bank of Pakistan (SBP) has granted its final approval to Samba Bank Limited for issuance of Rated, Privately Placed, Unsecured, and Subordinated Term Finance Certificates (TFCs) of Rs. 5 billion.

“We are pleased to inform you that the bank has received Rs. 5 billion in its designated account for receipt of proceeds against the issue,” the bank said in the filing with the stock market.

The fund raised via the TFC will be utilized in business operations as permitted by the Memorandum & Articles of Association of the bank. The TFC will contribute towards the bank’s Tier 2 Capital for complying with the Capital Adequacy Ratio requirements, subject terms, and conditions prescribed in SBP’s final approval.

Samba is one of the foreign banks operating in Pakistan. It is one of the eight banks, which were designated to provide Roshan Digital Account Services to overseas Pakistanis.

Samba Bank Crosses Profit of Rs. 1 Billion For the First Time

Samba Bank has made over Rs. 1 billion profit in 2020 for the first time in its history. This is an all-time high profit with a year-on-year growth of 47 percent.

The earning per share of the bank also increased to Rs. 1 from Rs. 0.68. The bank is a subsidiary of SAMBA Financial Group of Saudi Arabia, which holds 84.51 percent shares of the bank. It also announced a final cash dividend of Rs. 0.75.

The bank is operating 40 branches across the country.

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