JEDDAH: Saudi's Riyadh Bank beat analysts' expectations after it posted a 30 percent rise in its third quarter net profits, while Samba Financial Group posted a 2.9 percent rise, in line with expectations, bourse statements said on Saturday.
Riyad Bank made 794 million riyals ($211.7 million) in the three months ending September 30, compared with 611 million riyals in the same period a year earlier, it said.
Analysts surveyed by Reuters expected the bank to post on average 784.6 million riyals in the third-quarter.
"The rise in profit for the nine months ending September 30th compared with the same period a year earlier is due to the improved banking services income and foreign exchange income as well as lower operational costs," the statement said. Riyad Bank's operational income increased by 5 percent to 1.6 billion riyals from 1.4 billion a year earlier, its profit from special commissions increased by 0.4 percent to 1.06 billion riyals.
Samba made a net profit of 1.13 billion riyals in the three months ending on September 30, compared with 1.1 billion riyals in the same period a year earlier.
Analysts surveyed by Reuters expected the firm to post, on average, 1.1 billion riyals in the third-quarter.
"The rise in third-quarter net profit compared to the same period a year earlier is due to increased income from banking operations," the bank said in the statement.
The bank's operational incomes for the third quarter increased by 0.9 percent to 1.7 billion riyals while its profits from special commissions increased by 9 percent to 1.05 billion from 1.1 billion riyals.
Last week, five major Saudi banks posted strong third quarter results, three of which beat analysts' forecasts, citing lower operational costs as well as increased income from banking fees.
Copyright Reuters, 2011
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