Banque Saudi Fransi recorded a 9.1% decline in net profits for the fourth quarter of 2022, to reach 903 million riyals, after zakat and tax, compared to 993 million riyals in the same quarter of 2021.
According to Arabiya Net, Saudi Fransi stated in a statement that net profits after zakat and tax increased by 3.62% in 2022, to reach about 3.57 billion riyals, compared to about 3.45 billion riyals in 2021.
Banque Saudi Fransi stated that the main reason for the increase in annual profits is due to the increase in total operating income by 12.47%.
The increase in total operating income is due to the increase in net special commission income and net foreign exchange income, in addition to net trading income, which was offset by a partial decrease in the net gains of investments carried at fair value through other comprehensive income, held for non-trading purposes.
The bank added that this was offset by a partial increase in total operating expenses by 21.97%, which is mainly due to the increase in the net provision for credit losses, salaries, employee expenses, other operating expenses, and general and administrative expenses.
