Samba's 2020 net profit up 5.3% on operating income boost | The National
Saudi Arabia’s Samba Financial Group, which is in the process of being merged with its larger rival National Commercial Bank, reported a 5.3 per cent increase in its net profit for 2020 despite a rise in operating expenses.
Net income for the period ending 31 December rose to 4.2 billion Saudi riyals ($1.1bn), the lender said in a statement on Wednesday to the Tadawul stock exchange, where its shares trade.
A 9.6 per rise in operating income to 9.43bn riyals, helped by a jump in trading income, gains on investments and exchange income underpinned the profitability. The increase in annual income, however, was “partially offset” by an 11 per cent decline in income from special commission, which amounted to 5.67bn riyals.
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