Samba Q2 profit beats expectations

Samba Financial Group, the kingdom's second-largest lender by market value, beat expectations with a 1.6 percent rise in second-quarter net profit on Tuesday.

Second-quarter net profit was 1.243 billion riyals, compared with 1.224 billion riyals in the same period a year ago, the bank said in a statement on the bourse website. Analysts surveyed by news agency Reuters had expected on average net profit of 1.14 billion riyals.

Samba attributed the rise in net profit to "strong growth in core activities of the bank, among them special commissions and trading income", according to the statement.

Quarterly total operating profit fell 3 percent to 1.82 billion riyals in the quarter, the bank said. Net income from special commissions was up 9 percent at 1.305 billion riyals.

Earnings per share was 2.79 riyals in the first six months after 2.69 riyals in the same period a year ago. It gave no quarterly figures.END