Saudi’s Samba bank 2018 profit up 10 pct, meets forecasts

Spread the info

Time: January 16, 2019     

Samba Financial Group is Saudi Arabia’s third-largest bank by assets. (Supplied)

Samba Financial Group, Saudi Arabia’s third-largest bank by assets, reported a 10 percent rise in 2018 net profit on Wednesday, in line with analysts’ forecasts.

The bank made a profit of 5.53 billion riyals ($1.47 billion) for the year, up from 5.02 billion riyals in the same period a year earlier, it said in a bourse statement.

The average of eight analysts polled forecast the bank would make a net profit of 5.59 billion riyals, according to Refinitiv data.

The bank attributed its increase in profit to a 7.3 percent climb in net special commission income and other operating income. It was helped by an 8.4 percent fall in operating expenses due to a slide in salary costs, depreciation expenses, credit costs and other expenses.

This article was first published in Al Arabiya English  

If you want more interesting news or videos of this website click on this link Al Arabiya English Home


Spread the info