Samba Financial Group, Saudi Arabia's fourth-largest bank by assets, posted a 22.5 percent rise in its fourth-quarter net profit, it said in a bourse statement on January 13, beating analyst forecasts. The bank said it made 1.23 billion riyals ($327.7 million) in the three months ending December 31, compared with 1.01 billion riyals in the same period a year earlier.
Analysts surveyed by Reuters expected the bank to post an average net profit of 1.09 billion riyals for the quarter.
The bank attributed its increase in net profit to a rise in total operating income, which gained 13.4 percent to 1.82 billion riyals, without elaborating.
Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.
The bank said it made 5.01 billion riyals in the full year 2014, compared with 4.51 billion riyals in 2013.
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