Saudi Arabia's Samba Financial Group posted first-quarter net profit of SR1.145 billion ($305.32 million), it said Saturday, nearly matching analysts forecasts. Eisa M. Al-Eisa, Managing Director and Chief Executive Officer of Samba Financial Group, said the banks' first quarter net profit increased by 2 percent year-on-year due to a jump in operating income. Eight analysts surveyed by Reuters had forecast the bank's net profits would be, on average, SR1.17 billion. Total operating profit for the quarter rose by 5.6 percent on the year to SR1.79 billion. Profit from special commissions dropped by 0.5 percent in the first quarter compared with the same period last year, while loans and advances at the end of the quarter stood at SR93 billion, up from SR81 billion a year earlier. Bank lending to businesses has surged in the Saudi market in recent months, government figures showed in February. Samba's Consumer segment comprises of individual customer time deposits, current, call and savings accounts, as well as credit cards and consumer loans; Corporate segment comprises of corporate time deposits, current and call accounts, overdrafts, loans and other credit facilities; Treasury segment manages market, foreign exchange, commission rate trading; and Investment segment deals in investment management services and asset management activities.
