Riyadh – Mubasher: Banque Saudi Fransi (BSF) posted a 1.26% year-on-year profit growth during the first quarter of 2019.
The lender’s net profits edged up to SAR 1.13 billion in Q1-19 from SAR 1.11 billion in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.
The increase in Q1-19 net profit was ascribed to lower operating expenses on the back of a drop in salaries and employee-related expenses as well as lower rent and premises expenses, the statement added.
Quarter-on-quarter, the bank's profits jumped 318.6% from SAR 269 million in Q4-18.
For the full-year 2018, BSF’s net profits went down 6.37%, logging SAR 3.307 billion, compared to SAR 3.532 billion in the prior year.
