Samba posts SAR 1.2bn profits in Q1

Samba posts SAR 1.2bn profits in Q1
(Photo Credit: Arabianeye-Reuters)
samba 1090 -0.31% 25.50 -0.08

Riyadh – Mubasher: Samba Financial Group reported SAR 1.23 billion in profits ($328 million) for the first quarter of 2017, compared to SAR 1.26 billion ($336 million) in the year-ago period, with a 2.3% decrease.

The company attributed the fall in net profits to higher total operating expenses by 9.8%, due to an increase in credit costs, according to a bourse filing on Thursday.

Total operating profits reached SAR 1.98 billion in Q1-17 compared to SAR 1.94 billion in the same quarter of the previous year.

Moreover, net special commission income levelled up 8.5% to SAR 1.36 billion in Q1-17 from SAR 1.25 billion in Q1-16.

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Source: Mubasher