Saudi Fransi, Riyad Bank report above forecast Q4
Riyadh, January 12, 2011
Major lender Banque Saudi Fransi reported a forecast-beating 119 per cent rise in quarterly profit, citing the performance of its core business and lower costs.
Banque Saudi Fransi made SR709 million ($189 million) in the fourth quarter from SR324 million in the same period a year ago, the bank said on the bourse website on Wednesday.
Analysts surveyed by Reuters had expected net profit of SR600.1 million on average.
Riyad Bank's fourth-quarter net profit fell by 16.2 per cent to SR764 million, the lender said in a statement to the bourse.
Analysts polled by Reuters had expected an average net profit of SR719.60 million.-Reuters