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Saudi bank Samba Q2 net profit rises 6.1 pct; beats forecasts

Samba Financial Group, Saudi Arabia's third-largest bank by assets, posted a 6.1 percent rise in its second-quarter net profit

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Samba Financial Group, Saudi Arabia's third-largest bank by assets, posted a 6.1 percent rise in its second-quarter net profit, it said in a bourse statement on Thursday, beating analyst forecasts.

The bank said it made 1.33 billion riyals ($354.7 million) in the three months ending June 30, compared with 1.26 billion riyals in the same period a year earlier.

Six analysts surveyed by Reuters on average forecast the bank to post a net profit of 1.28 billion riyals for the quarter.

The bank attributed its increase in net profit to higher total operating income, which gained 5.7 percent year on year to 1.95 billion riyals, without elaborating.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

($1 = 3.7501 riyals)