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Samba Financial Group posts 10% rise in FY'18 profit

Samba Financial Group reported full-year 2018 net profit of 5.53 billion Saudi Arabian riyals, an increase of 10% from the 5.02 billion riyals it earned in 2017.

EPS for the year was 2.76 riyals, compared to the year-ago 2.51 riyals.

The Riyadh-based lender said the increase was mainly driven by an increase in net special commission income, which rose on yearly basis to 6.15 billion riyals from 5.73 billion riyals.

Total operating expenses declined by 8.4% year over year due to lower salaries, depreciation expenses, credit costs and general and administrative expenses.

As of Jan. 16, US$1 was equivalent to 3.75 Saudi Arabian riyals.