Banque Saudi Fransi Q4 net profit falls 6.8pc
Jeddah, January 17, 2012
Banque Saudi Fransi posted a 6.8 percent decline in its fourth-quarter net profit due to higher costs, according to a bourse statement, missing analyst forecasts.
The firm made a net profit of 661 million riyals ($176.3 million) in the three months ending December 31, compared with 709 million riyals in the same period a year earlier.
Analysts surveyed by Reuters expected the firm to post on average, 822 million riyals 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 percent to 1.1 billion riyals from 1 billion in the fourth quarter of 2010, it said.
Profits from special commissions fell by 0.8 percent to 783 billion riyals from 789 billion riyals in the same period a year earlier.
Loans and advances rose by 14 percent to 92.3 billion riyals from 81 billion riyals a year earlier, it said.
The bank has applied to Saudi Arabia's financial regulator to increase its capital by 25 percent, dependent on securing shareholder approval. – Reuters