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Saudi Bank Samba Q4 Net Profit Up 22.5%, Beats Forecasts

Saudi Bank Samba Q4 Net Profit Up 22.5%, Beats Forecasts

The bank attributed its increase in net profit to a rise in total operating income, which gained 13.4 per cent.

Samba Financial Group, Saudi Arabia’s fourth-largest bank by assets, posted a 22.5 per cent rise in its fourth-quarter net profit, it said in a bourse statement on Tuesday, beating analyst forecasts.

The bank said it made SAR1.23 billion ($327.7 million) in the three months ending December 31, compared with SAR1.01 billion in the same period a year earlier.

Analysts surveyed by Reuters expected the bank to post an average net profit of SAR1.09 billion for the quarter.

The bank attributed its increase in net profit to a rise in total operating income, which gained 13.4 per cent to SAR1.82 billion, without elaborating.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

The bank said it made SAR5.01 billion in the full year 2014, compared with SAR4.51 billion in 2013.

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