Banque Saudi Fransi achieved a 12.2% increase in profits for the first quarter of 2022, to reach 875 million riyals, compared to 780 million riyals, in the first quarter of 2021.
According to Arabiya Net, profits decreased on a quarterly basis by 11.9%, as the profits of the previous quarter were 993 million riyals.
Bank Saudi Fransi attributed the first-quarter profit increase year on year to an increase in total operating income by 3.06%.
The rise in total operating income supported the growth of net special commission income, foreign exchange income and other operating income, which was partially offset by a decrease in net fee and commission income and trading income.
Meanwhile, this decrease in total operating expenses is mainly due to a decrease in the provision for credit losses and other financial assets in addition to employee salaries and expenses, which was offset by a partial increase in other operating, general and administrative expenses.
And about the reasons for the decrease in profit on a quarterly basis that bank is that this is due to a rise in total operating expenses by 31.63% however, total operating income increased by 7.30%.
This increase in total operating expenses is mainly due to the allowance for credit losses and other financial assets.
The increase in total operating income was due to an increase in trading income, net fees and commission income, other operating income in addition to net special commission income.
