The results of the Saudi Fransi Bank revealed, in the first quarter of 2024, a 6.88% increase in net profits, compared to the bank’s profits in the corresponding quarter of 2023; in light of a decrease in total operating expenses.
According to the bank's data on Tadawul, today, Thursday, net profit rose to 1.15 billion riyals, in the first quarter of this year, compared to 1.08 billion riyals for the same period last year.
The bank attributed the increase in net profit to a decrease in total operating expenses as a result of a decrease in the net provision for expected credit losses in loans and advances, in addition to an increase in total operating income resulting from an increase in trading income and net fee and commission income.
On a quarterly basis, the bank’s profits increased by 39% compared to the previous quarter’s profits of 827 million riyals.
The bank explained that total special commission income increased by 27.5% as a result of an increase in returns on financing and investment, while there was a slight decrease in net special commission income by 0.3% as a result of an increase in special commission expenses.
