Today, Monday, the financial statements of Banque Saudi Fransi revealed that the bank’s profits increased by 6% in the third quarter of this year, on an annual basis.
Banque Saudi Fransi announced in a statement to the Saudi stock exchange, Tadawul, that the profits of the third quarter of this year amounted to 961 million riyals, compared to 907 million riyals profits for the same period last year.
Banque Saudi Fransi said that the increase in profits during the comparative periods is mainly due to the increase in total operating income by 11.55%, which was partially offset by an increase in total operating expenses by 20.18%.
Banque Saudi Fransi added that this increase in total operating income is due to the increase in net special commission income and net foreign exchange income, in addition to other operating income, which was partially offset by a decrease in net trading income and net fee and commission income.
Banque Saudi Fransi clarified that the total operating expenses increased during the comparative periods, as a result of the increase in the net provision for credit losses, salaries, employee expenses and general and administrative expenses.
At the level of the first nine months of this year, Banque Saudi Fransi achieved a net profit of 2.67 billion riyals, compared to 2.46 billion riyals, profits for the same period of the previous year, a growth of 8.8%.
