Saudi lender Samba Financial Group posted a 2.1 percent rise in quarterly profit, helped by fair-value gains on debt and higher fee and commission income, surviving a period marked by the coronavirus outbreak and weak interest rates.
SAMBA reported a net profit of 955 million riyals ($254.65 million) in the period ended June 30, compared to 935 million riyals in same period a year earlier.
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Net income from special commissions and financing & investments -- the closest measure to interest income - dropped 13.5 percent in the quarter, as the economy suffered from lockdowns linked to the coronavirus outbreak.
The International Monetary Fund said June Saudi Arabia’s economy, the largest in the Arab world, faces a 6.8 percent contraction this year.
Unlike SAMBA, rival lenders National Commercial Bank (NCB) and Al Rajhi Bank reported a drop in quarterly earnings.
NCB, the country’s biggest bank, said in June it had signed an initial agreement with Samba to create a combined entity with almost $214 billion in assets.
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