DUBAI: Saudi Arabia’s Samba Financial Group posted record profits in 2018 at $1.47 billion (SR5.5 billion), according to a bourse statement.
The net profit, up 10 percent from the previous year, was in line with analysts’ forecasts.
The average of eight analysts polled forecast the bank would make a net profit of 5.59 billion riyals, according to Refinitiv data quoted by Reuters.
The bank attributed the profit increase to higher special commission income and other operating income.
Total operating expenses decreased by 8.4 percent due to lower salaries, depreciation and credit costs as well as general and administrative expenses.