Upbeat results for top Saudi banks

Four major Saudi banks reported upbeat quarterly results yesterday, topping or meeting estimates, boosted by rising loan demand. Al-Rajhi Bank made a net profit of SR 2.1 billion in the three months ending June 30, up by 13.6 percent compared with the same period a year earlier. Saudi Hollandi Bank, meanwhile, posted a 26 percent rise in net profit for the second quarter due to higher operating income and lower costs, beating analyst forecasts. It made a net profit of SR 332.3 million compared with SR 263.3 million in the same period a year earlier. On average, analysts surveyed by Reuters had expected the bank to post SR 286.2 million. SABB Bank posted a 7.4 percent rise in the second quarter net profit due to increased operating income and lower expenses. Reuters said the bank also beat analyst forecasts of SR 829.4 million, on average. SABB made a net profit of SR 915 million in the three months ending June, compared with SR 852 million in the same period a year earlier. Samba Financial Group posted a 5.1 percent rise in second-quarter net profit on higher operating income, also beating analyst forecasts. Samba made a net profit of SR 1.16 billion for the second quarter compared with SR 1.1 billion in the same period a year earlier. Analysts expected the bank to post an average of SR 1.13 billion. From arabnews