The financial statements of Banque Saudi Fransi showed an increase in the bank's profits by 69.2% in the first nine months of 2021, on an annual basis.
According to the bank's results for the Saudi market (Tadawul), today, Wednesday, the profits for the period amounted to about 2.46 billion riyals, compared to the profits for the same period in 2020 of 1.45 billion riyals.
The bank achieved quarterly profits of 907 million riyals, compared to profits of 333 million riyals in the third quarter of last year, an increase of 172.4%.
The bank attributed the increase in profits during the comparison periods to the decrease in total operating expenses by 32.4%, and also as a result of an increase in total operating income by about 9.3%.
The bank said that the decrease in total operating expenses was mainly due to a decrease in the provision for credit losses, which was offset by a partial decrease in the provision for reversals of other financial assets and an increase in operating and general expenses. and other administrative.
