UPDATE 2-Saudi Samba profit beats forecasts, shares rise

* Q2 net 1.243 bln riyals ($331.5 mln), above average f'cst

* Bank makes no reference to provisions

* Strong growth in special commissions and trading income

* Operating profit fell 3 pct to 1.82 bln riyals

* Shares up 4 pct (Adds details, analysts, background)

By Ulf Laessing

RIYADH, July 14 (Reuters) - Saudi-based Samba Financial Group 1090.SE reported a 1.6 percent rise in second-quarter net profit on Tuesday sending its shares up as much as 5 percent.

Second-quarter net profit was 1.243 billion riyals, compared with 1.224 billion riyals in the same period a year ago, the bank said in a statement on the Saudi bourse website.

Four analysts surveyed by Reuters had expected on average net profit of 1.14 billion riyals. [ID:nL5638868]

Samba attributed the rise in net profit to "strong growth in core activities of the bank, among them special commissions and trading income," according to the statement.

Net income from special commissions was up 9 percent at 1.305 billion riyals in the quarter while operating profit fell 3 percent to 1.82 billion riyals.

Deposits rose by 14 percent in the first six months to 138 billion riyals. Investments fell by 13.6 percent to 57 billion riyals in the first half, while the loan portfolio fell by 8.3 percent to 88 billion riyals. Assets were down 3.6 percent.

"It is a positive surprise for Samba to have significantly improved its already comfortable liquidity position thanks to the strong rise in customer funds," said Sofia El Boury, banking analyst at Shuaa Capital in Dubai.

But analysts cautioned that the bank may need to book more bad-debt provisions later in the year.

Like its rival Riyad bank 1010.SE, Samba, Saudi's second-largest lender by market value, made no reference to provisions or exposure to troubled Saudi family firms Ahmad Hamad Algosaibi and Bros Group (AHAB) and Saad Group [SAADG.UL].

"The Saudi banking sector could be specially pressurised by concentrated exposures to family conglomerates," Dubai-based Al Mal Capital said in a note.