Riyadh – Mubasher: Samba Financial Group saw a 2.2% year-on-year decline in its third-quarter financials, according to a bourse statement.
Net profits reached SAR 1.34 billion in Q3-16, compared to SAR 1.37 billion in Q3-15.
Net income decreased year-on-year due to an increase in total operating expenses by 9.4% as a result of a rise in provision for credit, and general and administrative expenses.
The decrease was offset by an increase in total operating income by 1.5% due to a growth in net special commission income by 23.8%, in addition to higher income from FVIS investments and foreign exchange income.
The company posted net profits of SAR 3.9 billion in the first nine months of 2016, up 1.66% from SAR 3.98 billion in the prior-year period.
