Riyadh – Mubasher: Samba Financial Group on Sunday announced a 3.3% decrease in its net profits for the second quarter of 2017, compared to the corresponding period in the year earlier.
Profits reached 1.27 billion in Q2-17, compared to SAR 1.31 billion in Q2-16, according to a bourse filing.
Quarter-on-quarter, net profits levelled up 3.3%.
The Saudi financial group attributed the drop in its year-on-year net profits to the increase in total operating expenses by 6.5% on the back of credit costs, and other general and administrative expenses’ growth.
In the first half of 2017, profits went down 2.8% to reach SAR 2.50 billion, compared to SAR 2.57 billion in H1-16.
The stock increased 3.85%, closing at SAR 25.6 with at a value of SAR 19.96 million on Sunday.
