Riyadh – Mubasher: Samba Financial Group disclosed its interim financial results for the third quarter of 2019.

Net profits decreased by 2.5% to SAR 1.22 billion in Q3-19, compared to SAR 1.25 billion in Q3-18, according to a bourse filing on Monday.

“The Net Income after zakat and tax has decreased by 2.6% mainly due to increase in total operating expenses which increased by 17.1% mainly due to increase in depreciation, salaries and employee-related expenses and provision for credit impairment,” the statement said.

Total Revenue from Special Commissions/Financing & Investments stood at SAR 2.1 billion during the three-month period ended in September, up 7.5% from SAR 1.9 billion in the same period a year ago.

For the first nine months of 2019, net profits of the financial group plunged by 11.5% to SAR 3.22 billion, versus SAR 3.64 billion in the same period last year.

On a yearly basis, revenues of the group jumped by 14% registering SAR 6.32 billion.