Saudi's Samba posts 7.8% fall in Q4 profit

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Samba Financial Group, Saudi Arabia's second-largest listed bank, posted a 7.8 percent fall in fourth quarter net profit, missing analyst expectations as its income from special commissions declined.

The lender's net profit fell to SR869m ($231.7m) in the last three months of 2012, from SR943m in the last quarter of 2011, it said in a bourse statement Wednesday.

Nine analysts surveyed by Reuters had forecast Samba would have net profit of SR1.1bn for the fourth quarter.

The bank attributed the decline in profits to lower income from special commissions, which fell 5.4 percent to SR1bn, from SR1.1bn for the same quarter in 2011.

Total operating income for the fourth quarter fell 3.6 percent to SR1.45bn from SR1.5bn in the same period a year earlier.

Samba's loans and advances portfolio climbed 18 percent to SR105bn from SR89bn in the same period a year earlier.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Dubai mulls rule change to lure more domiciled funds

Dubai mulls rule change to lure more domiciled funds

Proposed rules would create a new class of funds in the Dubai...

Gulf's rift over Qatar may slow investment, reforms

Gulf's rift over Qatar may slow investment, reforms

Analysts suggest dispute may not hurt immediately but could impact...

Dodgy data obscure reality of Gulf's economic boom

Dodgy data obscure reality of Gulf's economic boom

Economists say that as Gulf opens wider to foreign investment...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams