22/02/2018 08:44 AST

Saudi Arabian banks showed more evidence of improving results on Wednesday with stronger fourth-quarter performances from two of the kingdom’s larger lenders.

Of the seven main Saudi banks to report so far, all have posted higher profits for the quarter, although few have done enough to beat market forecasts. Samba Financial Group, Saudi’s third-largest bank by assets, was the latest to do so on Wednesday, recording an 11.4 percent rise in fourth-quarter net profit, in line with analysts’ expectations.

Meanwhile, Alawwal Bank, Saudi’s oldest lender, swung to a fourth-quarter net profit as operating expenses almost halved. After several years of fighting the fallout from weaker oil prices, analysts expect the Saudi banking sector’s performance in the coming quarters to be helped by a pick up in liquidity thanks to a combination of looser public spending and planned international sovereign debt issuance.

Samba made a profit of 1.21 billion riyals ($323 million) in the three months to Dec. 31, up from 1.09 billion riyals in the same period a year earlier, it said in a bourse statement.

Three analysts had on average forecast the bank would make a quarterly net profit of 1.21 billion riyals. Samba said its increase in net profit was in part due to a rise in net special commission income and gains on non-trading investments and other operating income.


Alawwal Bank said it made a profit of 326.5 million riyals in the three months to Dec. 31, compared to a loss of 249.3 million riyals in the corresponding quarter of 2016.

“In the face of challenging economic conditions in 2017, lending activity was slower than anticipated but with a more positive industry outlook in 2018 improvements are expected,” Alawwal managing director Soren Nikolajsen said.

NCB Capital had forecast Alawwal would make a quarterly profit of 281 million riyals, while EFG Hermes predicted it at 339 million riyals. Alawwal’s performance was aided by a drop in impairment charges for credit losses, general and administrative expenses, rent, salaries and other staff-related costs.

The bank is in merger talks with fellow Saudi lender Saudi British Bank (SABB), with the outlook for the proposed merger to become clear by the end of the first quarter, Saudi Arabia’s central bank governor said last month.

Loans and advances and deposits at both Samba and Alawwal slid during the quarter, as in previous quarters. Deposit levels began to fall for some Saudi banks more than two years ago as the government, which had placed substantial amounts of oil revenue with banks when prices were high, withdrew cash to help bridge a budget shortfall. ($1 = 3.7502 riyals)

Arab News

Saudi bank Samba lifts profit by 10%, meets forecasts


Samba Financial Group, Saudi Arabia’s third-largest bank by assets, reported a 10.2 per cent rise in second-quarter net profit on Sunday, in line with analysts’ forecasts. The bank made a profit of 1

Gulf News

Samba posts 6% gain in first quarter profit


Samba Financial Group posted a 6 per cent increase in first quarter net profit, boosted by a gain in special commissions and investments in addition to a decrease in credit costs and salary expenses.

The National

Saudi bank Samba's quarterly profit falls 2.5 pct


Saudi Arabia’s third-largest bank by assets, Samba Financial Group, reported a 2.5 percent drop in third-quarter net profit on Wednesday, blaming rising credit costs and other expenses.



Ticker Price Volume
QNBK 196.99 124,786
APPC 53.30 133,976
SABIC 119.80 1,240,718
SAICO 11.92 520,367
JARIR 154.40 89,382
ALINMA 22.04 8,511,404
EMAAR 3.98 14,411,747
SAMBA Sector Market
Dividend Yield (%)
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
FAB 13.80 -0.12 (-0.87%)
RJHI 86.40 -0.10 (-0.12%)
NCB 45.95 0.25 (0.54%)
NBK 839.00 -4.00 (-0.48%)
EIB 9.99 0.00 (0.00%)
S&P revises QIB outlook to ‘stable’, affirms ‘A-’ rating


International credit rating agency, Standard & Poor’s (S&P) has revised the outlook on Qatar Islamic Bank (QIB) to ‘stable’ and affirmed the ‘A-/A-2’ issuer credit rating.

According to the

Gulf Times

NBF awarded ‘Best Islamic Window UAE’ award


National Bank of Fujairah (NBF) announced that NBF Islamic has retained the ‘Best Islamic Window — UAE’ accolade for the third consecutive year at the Islamic Business and Finance Awards 2018.

The Gulf Today

UAE investment group buys key stake in Gulf Navigation


UAE-based Goldilocks Investment Company said it has reached an agreement with Gulf Navigation Holding, a leading maritime and shipping company based in Dubai, to acquire a 18.32 per cent stake in the

Trade Arabia

Agility Kuwait invests $100 mln in logistic technology sector


Agility Public Warehousing Company (KSC) announced Monday investing $100 million for the next three years in logistic technology sector, via launching a digital platform to manage electronicallylinke

Arab Times

Alinma Bank hosts Fintech Forum


ALINMA Bank hosted its first-ever FinTech-focused event at the Four Seasons hotel in last Dec. 3, 2018. The gathering was hosted by the bank in partnership with FinTech Saudi and Alinma Investment Co

Saudi Gazette