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Samba Group posts 20% rise in Q1 profits

Samba Group posts 20% rise in Q1 profits
The bank’s net income increased during the first quarter of 2020
SAMBA
1090
4.62% 38.50 1.70

Riyadh – Mubasher: Samba Financial Group reported a 19.6% increase in net profit during the first quarter (Q1) of 2020 to SAR 1.27 billion, compared with SAR 1.065 billion for the same period last year.

The bank’s net income increased during the first three months of the year by 19.6%, mainly due to an increase in gains on FVOCI debt, exchange income and other operating income.

This was partially offset by an increase in quarterly zakat and tax expenses, according to a statement to the Saudi Stock Exchange (Tadawul).

Additionally, total operating expenses increased because of higher salaries and employee-related expenses, depreciation and other general and administrative expenses, while the credit impairment provision decreased.