Samba profits fall 12% in Q4

Riyadh – Mubasher: Samba Financial Group reported SAR 1.09 billion profits ($290 million) over the fourth quarter of 2016, lower 11.6% year-on-year from SAR 1.23 billion, said the company in a bourse filing on Thursday.

This y/y decrease is attributed to an increase in total operating expenses by 8.4% after general and administrative expenses, provision for credit and rent expenses moved higher, the bourse statement revealed,

In addition, the total operating income rose by 0.1% on an increase in net special commission income by 15.4%.

Over 2016, the company earned SAR 5 billion, down 4% year-on-year from SAR 5.21 billion.

Earlier, the company announced distributing cash dividends for the second half of 2016 at a total of SAR 1.234 million, representing 5% of capital, or SAR 0.5 a share. 

Mubasher Contribution Time: 19-Jan-2017 15:30 (GMT)
Mubasher Last Update Time: 19-Jan-2017 15:30 (GMT)