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Saudi bank Samba lifts profit by 10%, meets forecasts

Bank made a profit of 1.4 billion riyals in the three months to June 30, up from 1.27 billion riyals in the same period a year earlier

Gulf News

DUBAI: Samba Financial Group, Saudi Arabia’s third-largest bank by assets, reported a 10.2 per cent rise in second-quarter net profit on Sunday, in line with analysts’ forecasts. The bank made a profit of 1.4 billion riyals (Dh1.37 billion or $373 million) in the three months to June 30, up from 1.27 billion riyals in the same period a year earlier, it said in a bourse statement. The average forecast from three analysts polled by Reuters was for a profit of 1.33 billion riyals. The bank attributed its increase in net profit to higher net special commission income and other operating income, as well as a decline in salary expenses and other costs. Loans and advances at the end June stood at 116.6 billion riyals, falling 3.2 per cent from the same point of 2017, while deposits dipped by 1.5 per cent to 168.6 billion riyals over the same period.

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