Samba Financial Group, Saudi Arabia’s second-largest bank, posted record profits of SR695 million ($185.3 million) in the third quarter of this year.
The bank yesterday announced that net income for the first nine months of 2004 rose by 83% to SR1.905 billion. Samba shares briefly rose by 1.3% to SR596 on the news, before falling back slightly in a broadly weaker market. The stock is up by 51% since the beginning of the year. Total assets stood at SR91.8 billion, compared to SR76.6 billion in September 2003, which reflects a 20% rise. Total net loans and advances rose by 37% to SR44.4 billion. Demand deposits were up 24%, reaching SR24.5 billion.
Source: SPA
