Samba net profit rises 2.3 % percent, beating forecasts
RIYADH: Samba Financial Group said yesterday its third-quarter net profit rose 2.3 percent over last year, beating analyst expectations. Saudi banks are benefiting from expansionary fiscal policies, ample liquidity and improving corporate loan demand, according to a July 2 report from Deutsche Bank. However, results this quarter have been mixed, with Riyad Bank, Saudi British Bank and Banque Saudi Fransi, the third, fourth and fifth largest lenders, missing analyst forecasts. Bank lending to the private sector grew by 14 percent in August over the same month last year, Saudi Arabian Monetary Authority (SAMA), said in September. A report by Credit Suisse in August predicted Saudi banks should deliver double-digit earnings growth for the next three years thanks to higher credit volumes. Samba, the kingdom's second-largest listed lender by market value said in a bourse statement that it made SR 1.16 billion ($310 million) compared with SR 1.14 billion in the three months ending September 30 2011. Ten analysts surveyed by Reuters forecast the firm to post, on average, a net profit of SR 1.13 billion.
The bank attributed its performance to increased operating income without elaborating.
Total operating income for the third-quarter dropped 1 percent on the year to SR 1.7 billion, while profit from special commissions grew 6 percent to SR 1.12 billion.
The bank's loans portfolio jumped 11 percent to SR 98 billion.
SAFCO net profit falls 5.1%
RIYADH: Saudi Arabian Fertilizer Company (SAFCO) reported a 5.1 percent fall in third-quarter net profits yesterday, beating analyst forecasts as it cited low urea prices. The unit of Saudi Basic Industries Corp (SABIC), the world's biggest petrochemical company by market value, said in a bourse statement it made net income of SR 1.15 billion ($306 million) in the three months to Sep 30. The result was a 47 percent increase on the previous quarter when production was cut by a plant shut down. Eleven analysts polled by Reuters had forecast profit of, on average, SR 985 million.
BAJ posts SR 130 m profit in Q3
RIYADH: Bank AlJazira (BAJ) has announced the interim financial results for the period ended Sept. 30. Its net income during the third quarter was SR 130 million, compared to net income of SR 66 million for the same quarter in the previous year with an increase of 97 percent compared to a net income of SR 129 million for the previous quarter with an increase of 1 percent. Total operating income during Q3 totaled to SR 392 million compared to SR 294 million for the same quarter in the previous year, with an increase of 33 percent. Net special commission income during Q3 was SR 245 million compared to SR 210 million for the same quarter in the previous year, increase of 17 percent.
Net income during nine months period reached SR 403 million, compared to SR 193 million for the same period in the previous year, with an increase of 109 percent.
Earnings per share during the nine-month period totaled SR 1.34 compared to SR 0.64 for the same period in the previous year.
Total operating income during nine months period reached SR 1,229 million, compared to SR 878 million for the same period in the previous year, with an increase of 40 percent.
Net special commission income during the nine month period was SR 704 million, compared to SR 585 million for the same period in the previous year, with an increase of 20 percent.
Total assets as of Sept. 30 totaled SR 48,006 million, compared to SR 37,554 million for the same period in the previous year, with an increase of 28 percent. Investments as of Sept. 30 totaled SR 8,811 million compared to SR 5,080 million for the same period in the previous year, with an increase of 73 percent. Loans and advances portfolio as of Sept. 30 totaled SR 28,314 million compared to SR 21,783 million for the same period in the previous year, with an increase of 30 percent.
Customer deposits as of Sept. 30 reached to SR 39,415 million compared to SR 30,598 million for the same period in the previous year, with an increase of 29 percent.
The increase in the net income during the current period compared to the same period in the previous year is mainly due to the increase in total operating income.
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