Banque Saudi Fransi posted a marginal 1.2 per cent rise in its net profit in the first quarter but the value of its investments fell by about 14 per cent from a year earlier.

Net profit in the three months to March 31 rose to SR741 million ($197.6 million) from SR732 million in the first quarter of 2008, the bank said in a statement.

The bank's investments fell to SR20.8 billion at the end of the first quarter of 2009 from SR24.4 billion a year earlier, it said.

Analysts' forecasts for Fransi's first-quarter profit ranged between 724.9 million to 780 million riyals in a Reuters survey held this month (April). – Reuters