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Samba Financial Group posts 24.7% YOY fall in Q2 profit

Samba Financial Group reported a second-quarter net profit of 935 million Saudi Arabian riyals, down from 1.24 billion riyals in the same period in 2018.

The Saudi bank primarily attributed the 24.7% decline in net profit to a 66.7% increase in total operating expenses due to higher provision for credit impairment.

Net income for special commissions and investments increased on a yearly basis to 1.61 billion riyals from 1.54 billion riyals. Total operation profit grew year over year to 2.17 billion riyals from 2.08 billion riyals.

For the first half, the lender reported a net profit of 2.00 billion riyals, down from 2.39 billion riyals a year earlier. Profit per share for the period amounted to 1.02 riyals, down from the year-ago 1.22 riyals.

As of July 31, US$1 was equivalent to 3.75 Saudi Arabian riyals.