Saudi “Samba” raises first half profits by 15% to 696 million dollars
Growth in operating income and loan portfolio, and increased deposits and investments
Thursday – 16 Dhu Al-Hijjah 1441 AH – 06 August 2020 AD Number No. [
“Samba” said that the positive performance came despite the challenges posed by “Covid-19” (Asharq Al-Awsat)
Riyadh: «Middle East»
Samba Financial Group announced a net profit in the second quarter of this year amounting to 1.15 billion riyals ($ 306 million), compared to 1.04 million riyals (277 million dollars) for the same quarter of the previous year 2019. With an increase of 11.12 percent before deducting zakat, The group’s net profit for the first half of this year is 2.61 billion riyals ($ 696 million), compared to 2.26 billion riyals ($ 602.6 million) for the first half of the previous year 2019, with an increase of 15.4 percent before deducting zakat.
The group said that it had recorded a net profit during the first quarter of this year, an increase of 18.9% over the corresponding quarter of last year, before deducting zakat.
Ammar Al-Khudairi, Chairman of Samba Financial Group, said that the positive performance that accompanied the group’s business during the second quarter of this year came despite the exceptional challenges imposed by the “Covid-19” pandemic on global markets, which comes to the achieved increase in operating income for the first six months and by It reached about 9.7 percent to reach 4.8 billion riyals ($ 1.28 billion) as a result of the increase in fair value debt securities, and the loan and advances portfolio increased by 28.7 percent to 148 billion riyals ($ 39.4 billion).
He added, “Deposits increased by 11.3 percent to reach 187 billion riyals ($ 49.8 billion), along with the recorded increase in investments, which increased during the first half by 17.6 percent compared to the same period of the previous year, achieving 93.2 billion riyals ($ 24.8 billion). ).
Al-Khudairi explained that the foreign exchange earnings had increased by 43% in the second quarter, in addition to the achieved gains in trading income, income for fees and commissions in a manner that contributed to enhancing the profitability of the Samba share, and the rights of shareholders to reach at the end of the first half 46.2 billion riyals ( 12.32 billion dollars), compared to 44.4 billion riyals (11.84 billion dollars) for the corresponding period of last year, as the bank’s total assets increased to 279.3 billion riyals (74.48 billion dollars), an increase of 18.5 percent.
Al-Khudairi stressed that «Samba» sought during the second quarter to sharpen all its capabilities in order to support its capabilities to overcome challenges and continue its usual performance, and the level of its operational efficiency and stimulate its competitive capabilities, especially with regard to the promising digital banking sector.