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Tue 18 Oct 2016 11:13 AM

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Saudi bank Samba posts 2.2% drop in Q3 net profit

Kingdom’s third-largest lender posts results in line with analyst forecasts

Saudi bank Samba posts 2.2% drop in Q3 net profit

Samba Financial Group, Saudi Arabia's third-largest bank by assets, reported a 2.2 percent drop in third-quarter net profit on Tuesday, in line with analyst forecasts.

The bank made a profit of 1.34 billion riyals ($357.4 million) in the three months to Sept. 30, down from 1.37 billion riyals in the same period a year earlier, it said in a bourse statement.

Five analysts polled by Reuters had on average forecast the bank would make a quarterly net profit of 1.32 billion riyals.

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