Saturday 14 December 2019

Samba Q2 net profit rises 6.1pc, beats forecasts

DUBAI, July 10, 2015

Samba Financial Group, Saudi Arabia's third-largest bank by assets, posted a 6.1 per cent rise in its second-quarter net profit, it said in a bourse statement on Thursday, beating analyst forecasts.

The bank said it made SR1.33 billion ($354.7 million) in the three months ending June 30, compared with SR1.26 billion in the same period a year earlier.

Six analysts surveyed by Reuters on average forecast the bank to post a net profit of SR1.28 billion for the quarter.

The bank attributed its increase in net profit to higher total operating income, which gained 5.7 per cent year on year to SR1.95 billion, without elaborating.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later. - Reuters

Tags: Saudi | Samba | profit | Bank | Forecast | beat |

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