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Saudi Bank Samba Sees 3.1% Q1 Net Profit Gain

Saudi Bank Samba Sees 3.1% Q1 Net Profit Gain

The bank attributed its increase in net profit to higher total operating income.

Samba Financial Group, Saudi Arabia’s third-largest bank by assets, posted a 3.1 per cent rise in its first-quarter net profit, according to a bourse statement on Monday, ahead of analyst forecasts.

The bank said it made SAR1.28 billion ($341.3 million) in the three months ending March 31, compared with SAR1.24 billion in the same period a year earlier.

Seven analysts surveyed by Reuters on average forecast the bank to post a net profit of SAR1.23 billion for the quarter.

The bank attributed its increase in net profit to higher total operating income — which gained 5.3 per cent year on year — without elaborating.

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

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