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Samba posts 2.3% rise in net profit
- Saudi Arabia: Monday, October 15 - 2012 at 01:26
Saudi's Samba Financial Group has reported a 2.3% year-on-year increase in its third-quarter net profit, beating analyst expectations, Reuters has reported. The kingdom's second-largest listed lender by market value said it made SR1.16bn ($310m), compared with SR1.14bn in the three months ending September 30, 2011. Analysts forecast the firm to post, on average, a net profit of SR1.13bn. Samba said the rise was the result of increased operating income. Total operating income for the third-quarter dropped 1% on the year to SR1.7bn, while profit from special commissions grew 6% to SR1.12bn.
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