Riyadh – Mubasher: Samba Financial Group on Sunday reported that net profits increased by 10.19% year-on-year in the second quarter of 2018, while profits rose 8.13% during H1-18.
Samba’s net profits amounted to SAR 1.40 billion during Q2-18, compared to SAR 1.27 billion in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits levelled up 7.27%, from SAR 1.3 billion.
The bank attributed the rise in its year-on-year net profits to a 4.6% growth in operating income which was driven by an 11.2% increase in net special commission income.
The Saudi lender further noted the net profits went up after a rise in other operating income.
Gross special commission income jumped 10.5% to SAR 1.85 billion by the end of Q2-18, from SAR 1.67 billion in the corresponding period a year ago.
Shareholder's equity, excluding the minority interest, inched down 0.9% to SAR 43.36 million by the end of Q2-18, from SAR 43.77 million in the year-ago period, the statement added.
Samba’s net profits reached SAR 2.7 billion in H1-18, up from SAR 2.5 billion during H1-17.
The Tadawul-listed bank attributed the growth in H1-18 profits to a 10.4% decline in operating expenses.
Gross special commission income levelled up 6.0%, reaching SAR 3.58 billion in the first six months of 2018, compared to SAR 3.38 billion in the year-ago period.
Samba’s stock edged up 0.46% to close Sunday at SAR 32.90.
