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23 February 2024

Banque Saudi Fransi Q4 net profit declines

By Reuters

Banque Saudi Fransi posted a 6.8 per cent decline in its fourth-quarter net profit due to higher costs, according to a bourse statement on Monday, missing analyst forecasts.

The firm made a net profit of SR661 million ($176.3 million) in the three months ending December 31, compared with SR709m in the same period a year earlier.

Analysts surveyed by Reuters expected the firm to post on average, SR822m in the fourth-quarter.

"The reason for the decline in net profit for the last quarter compared with the same period a year earlier is higher costs of operations," the statement said.

Total operating profit for the period rose by 2.2 per cent to 1.1 billion riyals from 1bn in the fourth quarter of 2010, it said.

Profits from special commissions fell by 0.8 per cent to 783bn riyals from 789bn riyals in the same period a year earlier.

Loans and advances rose by 14 per cent to SR92.3bn from Sr81bn a year earlier.t said.

The bank has applied to Saudi Arabia's financial regulator to increase its capital by 25 per cent, dependent on securing shareholder approval.