Samba Financial Group recorded a growth of 2.1% in the profits of the second quarter of 2020 to reach 955 million riyals, compared to 935 million riyals in the corresponding period of last year.
According to Arabia Net, Samba's profits fell by 25%, compared to those achieved in the previous quarter, which was 1.27 billion riyals.
The group achieved net income from private commissions / financing and investments to 1.39 billion riyals, compared to 1.6 billion riyals, in the corresponding period of last year, a decrease of 13.4%.
During the first half of 2020, Samba achieved a net profit of 2.22 billion riyals, compared to 2 billion riyals, in the corresponding period of 2019, an increase of 11.45%.
>Samba attributed the growth of its profits to the increase in total operating income by 8.6% as a result of the increase in the gains of debt securities listed at fair value through other comprehensive income, foreign exchange earnings and fee income. Commission, partially offset by a decrease in income from investments carried at fair value through the income statement.
In contrast, total operating expenses increased by 6.3%, mainly due to higher salaries of employees and the like, and expenses related to rent and buildings, and other general and administrative expenses . Zakat and tax charges also increased for the current quarter.
(Fun Knowledge of Knowledge)
