Riyadh-Mubasher: Samba Financial Group reported a decrease of 1.41% in profits of the second quarter of 2016 as compared to the same period in 2015, according to a bourse statement on Tadawul’s website.
Samba’s earnings shrank to SAR 1.31 billion ($350.43 million) in Q2-16, from SAR 1.33 billion ($355.4 million) in Q2-15.
During the first half of 2016, the company’s net profits declined to SAR 2.57 billion as compared to SAR 2.61 billion in H1-15; an annual fall of 1.4%.
Samba’s net income shrank due to a 6.4% increase in total operating expenses as a result of a rise in salaries and related expenses as well as provision for credit.
“The decrease was offset by increase in total operating income by 1.1% due to increase net special Commission Income by 15% and increase in income from FVIS investments and foreign exchange income,” according to the bourse statement.
