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Samba Financial Group generates SAR 5.5bn profit in 2018

Samba Financial Group generates SAR 5.5bn profit in 2018

Riyadh – Mubasher: Saudi Arabia’s Samba Financial Group on Wednesday reported a 10.1% year-on-year profit rise by the end of 2018.

Samba logged a net profit of SAR 5.53 billion ($1.47 billion) last year, up from SAR 5.02 billion ($1.34 billion) during 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi lender attributed 2018 profit growth to a 7.3% increase in net special commissions’ income, reaching SAR 6.15 billion from January to December 2018, against SAR 5.73 billion in the prior-year period.

Year-on-year, the total value of revenues for special commissions and investments levelled up 8.8% to SAR 7.53 billion, against SAR 6.92 billion.

Operating profits grew 3.3%, reaching SAR 8.15 billion over the course of the previous year, compared to SAR 7.89 billion in 2017.

Earnings per share (EPS) amounted to SAR 2.76 for 2018, up from SAR 2.51 in the year before.

The Tadawul-listed bank reported an 8.3% profit growth by the end of the third quarter of 2018, registering SAR 1.41 billion, compared to SAR 1.3 billion in the year-ago period.

Samba Financial Group’s stock levelled up 2.27% to finish Wednesday’s trading session at SAR 36.