The profits of Saudi Fransi Bank in the second quarter of 2020 decreased by 45.6% to reach 437 million riyals, compared to 804 million riyals in the second quarter of 2019.
According to Arabia Net, the bank’s profits decreased by 35.7%, compared to the previous quarter’s profits, when it was 682 million riyals.
The Saudi Fransi said that the decline in profits in the first quarter was due to a decrease in net income, and the main reason was the increase in total operating expenses by 60.70%. However, total operating income increased by 3.17%.
This increase in total operating expenses is mainly due to the increase in the provision for credit losses, provision for losses of the value of other financial assets in addition to salaries and employee expenses, which was offset by a partial decrease in Other general, administrative and operating expenses.
At the same time, the total operating income increased and the main reason was the rise in trading income, foreign exchange income and other operating income, which was offset by a partial decrease in fee and commission income.
(Fun Knowledge of Knowledge)
