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Saudi Samba earnings slump continues
Source: BI-ME and agencies , Author: Moussa Ahmad
Posted: Tue July 17, 2007 12:00 am
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SAUDI ARABIA. Samba Financial Group reported its third consecutive decline in quarterly profit, the last of Saudi Arabia's four largest banks to blame declining second-quarter earnings on a slump in brokerage activity.

Samba, the second-largest Gulf Arab lender by market value, said profit in the three months to 30 June fell 7.56% to SAR 1.296 billion (US$345.6 million), its lowest level in three years.

Analysts forecast for second quarter earnings ranged from SAR 1.21 billion to SAR 1.30 billion, according to a survey.

A decline in brokerage activity led to a 9% drop in net income in the six months to 30 June, the bank said.

"Samba managed to achieve an important growth in its core banking activities," CEO Eisa Al Eisa said.

Special commissions income, or net interest income, reached SAR 2.35 billion rin the six months ending 30 June, up 13.4% from their level a year earlier, Eisa said.

"All of the bank's financial indicators have witnessed growth which came as a result of an ascending operational activity in the core of its banking business," Eisa said.

The bank's assets rose 14.7% to SAR 129 billion and deposits grew 13.45% to SAR 98 billion, the bank said. It did not give details on loans growth.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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