Riyadh – Mubasher: Samba Financial Group reported SAR 1.23 billion in profits ($328 million) for the first quarter of 2017, compared to SAR 1.26 billion ($336 million) in the year-ago period, with a 2.3% decrease.
The company attributed the fall in net profits to higher total operating expenses by 9.8%, due to an increase in credit costs, according to a bourse filing on Thursday.
Total operating profits reached SAR 1.98 billion in Q1-17 compared to SAR 1.94 billion in the same quarter of the previous year.
Moreover, net special commission income levelled up 8.5% to SAR 1.36 billion in Q1-17 from SAR 1.25 billion in Q1-16.
