Jul 11 2011 |
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Saudi Samba Fincl 2Q Net -9.7% At SAR1.1B On Special Commissions Drop
Monday, Jul 11, 2011
RIYADH(Zawya Dow Jones)--Saudi-based Samba Financial Group (1090.SA), the kingdom's second biggest lender by market value, said Monday its second-quarter net profit fell 9.7% to 1.1 billion Saudi riyals ($293.9 million), compared with the year earlier period, due to lower income from special commissions.
The result was broadly inline with most analysts expectations. Riyadh-based NCB Capital had expected the bank to earn SAR1.13 billion in the three-month period, while analysts at Dubai-based Shuaa Capital had projected a net profit of SAR1.09 billion.
First-half earnings per share fell to SAR2.47, from SAR2.70 a year ago, Samba said in a statement posted on the Saudi bourse website.
Samba 's investment portfolio stood at SAR70.2 billion as of June 30, compared with SAR67.5 billion a year earlier, while total assets edged up 1.2% to SAR190.6 billion. Loans and advances amounted to SAR82.4 billion, against SAR82.7 billion in the same period last year, while customer deposits rose 2% to SAR138.8 billion.
In addition, a two-month salary bonus announced by King Abdullah earlier this year as part of new expenditures packages worth about $129 billion has probably had a positive impact on loan growth for many banks in the second quarter, analysts said.
Samba shares finished trading Monday 1.5% lower Monday at SAR49.50 in a slightly negative overall market.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
11-07-11 1412GMT
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