Saudi Samba says net profit rises 2.3 percent, beating forecasts

RIYADH Sat Oct 13, 2012 9:55am EDT

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RIYADH Oct 13 (Reuters) - Saudi's Samba Financial Group said its third-quarter net profit rose 2.3 percent over last year, beating analyst expectations, it said in a bourse statement on Saturday.

The kingdom's second-largest listed lender by market value said that it made 1.16 billion riyals ($310 million) compared with 1.14 billion riyals in the three months ending September 30.

Ten analysts surveyed by Reuters forecast the firm to post, on average, a net profit of 1.13 billion riyals.

The bank attributed its performance to increased operating income without elaborating. (Reporting By Angus McDowall)