Samba Financial increases its profits by 20% in the first quarter

The Saudi Samba Financial Group achieved a growth of 19.6% in the profits for the first quarter of 2020 to reach 1.274 billion riyals, compared to 1.065 billion riyals in the same quarter of 2019 .

According to ArabiaNet, the financial group said in a statement on the website of the Saudi Stock Exchange, trading on Sunday, that the reason for the increase in net income by 19.6% came as a result of the increase in Gain of debt securities carried at fair value through other comprehensive income, foreign exchange earnings and other operating income, partly offset by an increase in Zakat and tax expense for the current quarter.

In contrast, total operating expenses increased, mainly due to the increase in employee salaries and the like, and consumption and general and other administrative expenses, offset by a decrease in the provision for low credit .

And compared to the last quarter of last year, these profits constitute an increase of 66% and this increase comes as a result of the increase in the gains of debt securities listed at fair value through comprehensive income The other, and entered the investments listed at their fair value through the income statement, the income of other operations, and Zakat and tax expenses decreased during the quarter.

In contrast, total operating expenses decreased by 7%, mainly due to a decrease in expenses related to rent and buildings, depreciation, provision for a decrease in credit, employee salary expenses, and the like. Increase in general and other administrative expenses.

Samba Finance stated that, starting from the quarter ending June 30, 2019, Zakat and taxes are due on a quarterly basis and recognized in the income statement with the corresponding commitment recognized in Consolidated statement of financial position in accordance with International Financial Reporting Standards (IFRS) and other instructions and standards approved by the Saudi Organization for Certified Public Accountants (SOCPA).

Earnings per share is also the diluted earnings per share and is calculated by dividing the net income after zakat and tax for the periods attributable to the shareholders of the bank by two billion shares.