Samba reports decline in profits

Profits at Samba Financial Group fell 7.7 per cent in 2007, with the company citing a continuing decline in stock-market related activity as one of the main factors.

The bank has reported full year profits of SR4.8bn ($1.28bn) for 2007, down from SR5.2bn in 2006.

Profits for the last three months of 2007, at SR955m, were a modest 1.8 per cent ahead of the same period last year, although they were down nearly 27 per cent compared to the previous quarter.

Chief executive officer Eisa al-Eisa said the declines was due to a decrease in brokerage and asset management revenue.

Profits at the bank have been down for most of 2007, falling 11 per cent in the first quarter compared to the same period a year earlier. That was also blamed on falling stock market-related revenues.