The Saudi banking market continues to post profit growth for the second quarter of 2014, compared with the same period last year.

Samba Financial Group posted a 7 per cent increase in its second-quarter results, with profits rising to SR1.3bn ($335.9m), according to a note filed on the Saudi stock exchange (Tadawul).

The bank’s assets reached SR214.3bn during the first six months of the year, an increase of 5.5 per cent on the same period last year.

The bank’s loans and advances portfolio grew by 12 per cent during the first half of the year, compared with the same period last year, while its customer deposits grew at less than half the lending rate at 4.9 per cent.

Saudi British Bank has also posted strong profit growth for the second quarter of this year, reporting a 15.2 per cent increase in profits compared to the same period last year.

The bank’s asset base grew to SR175.5bn in the first six months, an increase of 8.4 per cent on the same period last year. The bank’s loan portfolio grew by 6.3 per cent while deposits rose by 9.9 per cent.

The two banks’ results follow similarly positive news from other Saudi banks including Banque Saudi Fransi, Saudi Investment Bank and Riyad Bank.

In contrast, Al-Rajhi Bank, the largest lender listed on the Tadawul, has posted an 8.2 per cent decrease in the second quarter. 

The bank’s profits stood at SR2bn in the second quarter, compared with SR2.1bn in the same period last year.