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Saudi banks' Q2 net profit near-flat

Riyadh, July 10, 2013

A number of leading banks in Saudi Arabia including Al Rajhi Bank and Samba have registered a slight slight increase in their second-quarter net profit this year amid a challenging economy.

Al Rajhi Bank, Saudi Arabia's largest listed lender, posted a slight rise in its second-quarter net profit in line with analysts' forecasts.

The bank made SR2.12 billion ($565.3 million) in the three months to June 30, compared with SR2.09 billion in the same period a year earlier, said Al Rajhi in a statement to the Saudi bourse.

Analysts surveyed by Reuters expected the bank, on average, to post a net profit of SR2.13 billion for the second quarter.

Profit for the opening six months of the year was SR4.17 billion, up from SR4.10 billion in the corresponding period of 2012.

Samba Financial Group, the kingdom's second-largest listed bank, said its second-quarter net profit rose 1.5 per cent over last year, in line with the average forecast of analysts.

The bank said in a bourse filing on Wednesday it made SR1.18 billion ($314.7 million) in the three months to June 30, compared to 1.16 billion riyals in the same period of last year.

Ten analysts surveyed by Reuters had forecast it would, on average, post a net profit for the quarter of 1.18 billion riyals.

Net profit for the first six months of 2013 was 2.33 billion riyals, up 1.4 per cent on the same period of last year.-Reuters




Tags: Saudi | Samba | Bank |

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