Samba reports drop in profits as economy slows

DUBAI Samba Financial Group, Saudi Arabia's third-largest bank by assets, joined other major banks to have suffered falling profits this quarter as the kingdom struggles with tepid economic growth and subdued levels of spending. Samba reported a 2.3 percent drop in first-quarter net profit on Thursday, broadly in line with analysts'forecasts, as operating expenses rose. It is the seventh major bank in the kingdom to report earnings this quarter, with four of them reporting declining profits, reflecting subdued levels of spending by the government and consumers and slower economic growth. (reuters)