Riyadh – Mubasher: Samba Financial Group reported a 30.42% increase in profits for last year, as shown by the company’s annual financial results for 2019.
The net profit amounted to SAR 3.99 billion last year, compared with SAR 3.06 billion in 2018, according to the company’s statement to the Saudi Stock Exchange (Tadawul).
Samba attributed the growth in net profits to lower zakat expenses compared to 2018 that saw a zakat settlement for earlier years.
Furthermore, total operating income rose by 5.4% due to higher net special commission income, exchange income, trading income, and income from investments held at FVIS and gains on FVOCI debt.
On the other hand, total operating expenses increased by 52.7%, as a result of higher credit impairment provision, salaries and employee-related expenses, depreciation and other general and administrative expenses, which was partially offset by a decrease in rent and premises related expenses.
