The net profit of Banque Saudi Fransi decreased by 62.2% in the third quarter of 2020 to reach after zakat and tax to 333 million riyals, compared to about 880 million riyals in the same quarter of the year 2019.
According to Arabiya Net, the bank's net profit declined by 23.8% in the third quarter of 2020, compared to a net profit of about 437 million riyals in the second quarter of this year.
During the first nine months of this year, the net profit of Banque Saudi Fransi decreased by 44.2% to reach 1.45 billion riyals, compared to 2.6 billion riyals in the same period of Last year.
The bank said in a statement to the Saudi Stock Exchange Tadawul today, Thursday, that the main reason for the decline in net profit in the third quarter of this year, on an annual basis, is an overall increase Operating expenses increased by 71.69%, yet total operating income increased by 0.75%.
the bank attributed the increase in total operating expenses mainly to the increase in provision for credit losses, and other operating, general and administrative expenses, in addition to employee salaries and expenses, which was partially offset by a decrease The value of investments and other financial assets.
