Riyadh – Mubasher: Banque Saudi Fransi on Wednesday reported a 0.72% year-on-year increase in its net profits during the first quarter of 2018, compared to the year-ago period.
The Saudi Arabia-based lender posted a net profit of SAR 1.11 billion in the three-month period ended March 2018, compared to SAR 1.1 billion during Q1-17, according to a bourse filing.
The kingdom's fifth-largest lender by assets attributed the growth in its first-quarter profits to a 2.77% rise in total operating income owing to an improvement in net special commission income, in addition to generating profits from an associate.
“Total shareholders’ equity (there are no minority rights) reached SAR 31.7 billion as of Q1-18, compared to SAR 30.8 billion as of Q1-17, an increase of 2.92%,” the statement added
Quarter-on-quarter, the Saudi bank's profits soared 162.88%.
Banque Saudi Fransi’s stock fell 1.67%, closing Wednesday at SAR 32.40.
