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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

Tags: investment | Riyad Bank | Banque Saudi Fransi | finance |

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