Riyadh – Mubasher: Samba Financial Group on Thursday reported an 8.3% profit growth by the end of the third quarter of 2018, compared to the year-ago period.

The Saudi lender’s profits reach SAR 1.41 billion during Q3-18, compared to SAR 1.3 billion in Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits rose 1.2% during the third-month period ended September, from SAR 1.4 billion.

Net income for special commissions and investments amounted to SAR 1.5 billion during Q3-18, from SAR 1.4 billion in the year-ago period.

Revenues for special commissions and investments increased by 13% to SAR 1.9 billion from July to September, compared to SAR 1.7 billion in the same three months of 2017.

During the first nine months of 2018, Saudi Arabia's third-largest bank by assets logged an 8.1% profit growth amounted to SAR 4.1 billion, up from SAR 3.8 billion in the year-ago period.

Revenues for special commissions and investments levelled up 8.4% to SAR 5.5 billion in the January-September period of 2018, from SAR 5.1 billion from the year-ago period. 

Samba’s net income for special commissions and investments levelled up 9% to SAR 4.5 billion, compared to SAR 4.2 billion.

The Saudi lender attributed the third-quarter and nine-month profit growth to 9.8%, and 8.9% rises in net special commission, respectively, coupled with higher operating income.

By 11:28 am Saudi time, Samba's stock rose 0.64% to SAR 31.35.