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Samba Achieves Record Profit of $1.4bn in 2018

Samba Achieves Record Profit of $1.4bn in 2018

Thursday, 17 January, 2019 - 07:30
Saudi Arabia's Samba Group posted record profits in 2018 at $1.47 billion. (Reuters)
Riyadh - Asharq Al-Awsat
Saudi Arabia’s Samba Financial Group posted record profits in 2018 at $1.47 billion (SR5.5 billion), according to a bourse statement.

The net profit, up 10 percent from the previous year, was in line with analysts’ forecasts.

The average of eight analysts polled forecast the bank would make a net profit of 5.59 billion riyals, according to Refinitiv data quoted by Reuters.

The bank attributed the profit increase to higher special commission income and other operating income.

Total operating expenses decreased by 8.4 percent due to lower salaries, depreciation and credit costs as well as general and administrative expenses.

Chairman Isa bin Mohammed al-Isa said Samba's strategy was to work on diversifying the sources of income.

He also confirmed the group's long-term vision in its methodology in maintaining a growing pace of performance and maximizing shareholder returns.

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