JEDDAH: Samba Financial Group said its fourth-quarter net profit rose 15.8 percent year-on-year, coming in slightly below analysts' expectations.
The bank said in a bourse filing that it made SR1.01 billion ($269 million) in the 3 months to Dec. 31, compared to SR869 million in the same period of 2012.
Nine analysts surveyed by Reuters had forecast it would, on average, post a net profit for the quarter of SR1.08 billion.
Samba attributed the profit rise to an increase in operating income, which advanced 9.9 percent year-on-year to SR1.6 billion.
Saudi firms issue brief earnings statements early in the reporting period before publishing more detailed results later.
The quarterly results pushed up full-year 2013 earnings after three flat quarters, with net profit advancing 4.1 percent on the previous year to SR4.51 billion.
Saudi Arabian banks are benefiting from a positive economic climate, as years of high oil prices and government surpluses have pushed state spending to record levels — the Kingdom's budget for 2014, while the smallest increase for a decade, is still another record amount.
Samba's loans portfolio climbed 10.6 percent year-on-year to SR113.5 billion at the end of 2013. Deposits grew 6.5 percent to SR158.3 billion.
The bank said late last month that its board had recommended a cash dividend of SR0.85 per share for the second half of 2013, in line with the dividend for the corresponding period of 2012.
Samba Financial Group Q4 profit up 15.8%
