Samba Bank Limited (SBL) has announced the appointment of Rashid Jahangir as the acting President and Chief Executive Officer (CEO), effective from May 22, 2025. The bank’s Board of Directors approved the decision, which was formally communicated through a notice submitted to the Pakistan Stock Exchange (PSX). Jahangir will assume the interim leadership role until a permanent president and CEO is appointed in due course.
Prior to this appointment, Rashid Jahangir served as the Deputy CEO of Samba Bank. His elevation to the top role comes at a pivotal time for the bank, which is currently navigating through a period of financial contraction and leadership transition. With extensive experience in banking and executive management, Jahangir is expected to provide stability and strategic direction during this interim phase.
The leadership shift comes shortly after Samba Bank released its financial results for the first quarter of 2025, reflecting a significant year-on-year decline in profitability. For the quarter ending March 31, 2025, the bank posted a profit-after-tax (PAT) of Rs166.85 million. This represents a 53 percent decrease compared to Rs358.68 million reported during the same period in 2024.
In addition to the fall in net profit, the bank’s total income also registered a downward trend. Samba Bank recorded total income of Rs1.94 billion for the first quarter of 2025, marking a 10 percent drop compared to Rs2.18 billion in the corresponding quarter of the previous year. The decrease highlights the ongoing challenges facing the banking sector, including margin pressures, rising competition, and economic headwinds.
Rashid Jahangir’s interim leadership arrives at a time when the bank is expected to focus on stabilizing its financial performance, reassessing operational strategies, and aligning with broader regulatory and economic changes within Pakistan’s banking landscape. While no formal announcement has been made regarding the search or timeline for a permanent CEO, the appointment of a seasoned internal executive signals the bank’s intent to ensure continuity during this transitional period.
Industry watchers will be closely monitoring how the new acting CEO navigates key challenges, including sustaining profitability, improving operational efficiency, and capitalizing on digital transformation initiatives to support long-term growth. The appointment also comes at a time when Pakistani banks are actively investing in modernization efforts to remain competitive and compliant with evolving regulatory expectations.
Samba Bank, which operates as a subsidiary of Saudi National Bank, offers a broad range of commercial banking services in Pakistan, including corporate finance, treasury operations, retail banking, and Islamic banking. The recent leadership change is viewed as a critical step in preserving the bank’s strategic direction while preparing for a more permanent transition in executive leadership.
As the bank undergoes this period of adjustment, stakeholders and shareholders will be anticipating further updates from the board regarding long-term leadership appointments and strategic initiatives aimed at recovering and expanding its market position in Pakistan’s dynamic banking sector.