Riyadh – Mubasher: Samba Financial Group gained SAR 955 million worth of net profits in the second quarter (Q2) of the year, up 2.14% when compared to SAR 935 million in the year-ago period.
Total revenue from special commissions, financing and investments plunged by 13.03%, reaching SAR 1.816 billion in the April-June period in 2020, compared with SAR 2.088 billion in the corresponding three months in 2019, according to a bourse filing on Wednesday.
The 2.1% growth in net income is owed to higher operating income by 8.6%, attributed to the increase in gains from fair value through other comprehensive income (FVOCI) debt, exchange gains, and fee and commission income. These rises were partially offset by a drop in income from fair value through income statement (FVIS) investments.
In contrast, operating expenses grew by 6.3%, helped by rising salaries of the company's employees, rent and premises related expenses, coupled with increasing other general and administrative expenses as well as Zakat and tax expenses.