Riyadh – Mubasher: Saudi Arabia’s Samba Financial Group reported a 7.4% year-on-year decrease in profits in the first quarter of 2019.
The bank’s profits amounted to SAR 1.2 billion in the three-month perioded ended last March, down from SAR 1.3 billion in Q1-18, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.
The Saudi lender attributed the decline in Q1-19 profits to a rise in the total value of operating expenses.
Quarter-on-quarter, the Tadawul-listed bank’s profits tumbled 14% by the end of March.
From January to December 2018, the Saudi bank’s profits rose 10% to SAR 5.53 billion, from SAR 5.02 billion a year ago.
