The CEO of Samba Financial Group, Eisa Mohammed Al-Eisa, announced net profits for the first quarter of 2018, which witnessed a 6.01% year-on-year hike compared to 2017.
Samba made a profit of 1.3 billion riyals ($347 million) - which exceeded analysts’ forecasts.
Eisa revealed that Samba Bank continued a positive performance during the first quarter of 2018 and was able to continue to raise its revenues from various sectors including banking, investment and financial sources.
The bank also boosted the revenues in line with its policies to maximize shareholders' equity and diversify the income base, Eisa added.
These results were due to the increase in private commission income, which rose by 5.5% compared to the first quarter of 2017, in addition to an increase in trading income which reached 54%.
Eisa said he was very proud of Samba's reputation on all levels; locally, regionally and globally. He added that he seeks to maintain this reputation continuously.
Eisa further thanked Samba's loyal customers and all dedicated employees who helped achieve these results.
