Riyadh – Mubasher: Banque Saudi Fransi registered a net profit of SAR 1.01 billion ($269 million) in the third quarter of 2016, edging down 0.98% year-on-year from SAR 1.02 billion ($272 million, according to a bourse filing on Wednesday.
Quarter-on-quarter, Q3 net profit declined 3.63% from SAR 1.05 billion, the bourse filing indicated.
Over the first nine months, net profit grew 1.62% year-on-year to SAR 3.14 billion from SAR 3.09 billion.
Lower Q3 profits were driven by a 6.59% increase in total operating expenses due to general, administrative, rent and premises expenses as well as depreciation Charges for Credit Losses in contrast to a decrease in Employees Related Expenses, according to the bourse statement.
"Total Operating Income was up by 1.76%, primarily driven by higher Net Special Commission Income, Gains on Non-Trading Income which was partially offset by the reduction in Fee Income and Exchange Income as well as on Trading Income and Dividend Income", the filing revealed.
