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OPERATING COSTS WEIGH

Banque Saudi Fransi Q3 net drops 13pc

Riyadh, October 10, 2012

Banque Saudi Fransi, the lender part-owned by Credit Agricole, posted a 12.9-per cent drop in its third-quarter net profit that missed analysts forecasts, it said in a bourse statement on Wednesday.

The kingdom's fifth largest bank by market capitalisation said it made SR662 million ($177 million) in the quarter compared with SR760 million in the three months ending September 30 2011.

Eight analysts surveyed by Reuters forecast the firm to post, on average, a net profit of SR775 million. The bank attributed its drop in profits to higher operating expenses.

Total operating income for the third-quarter was SR1.2 billion, a rise of 4.8 per cent from the previous year. Profit from special commissions grew 2.2 per cent over last year to SR826 million.

The bank's loan portfolio grew 13.3 per cent over last year to SR102 billion by the end of the quarter.

Saudi Fransi had this year priced a $750 million five-year Islamic bond in May, attracting orders worth $4 billion.

Meanwhile, Saudi Hollandi Bank, kingdom's eighth-largest lender, said it has posted an 5.9 per cent rise in its third-quarter net profit, beating analyst expectations. The bank attributed its performance to higher operating income.

Saudi Hollandi made a net profit of SR317 million ($85 million) compared to SR299 million in the three months ending September 30.

Six analysts surveyed by Reuters forecast the firm to post, on average, a net profit of SR292 million.-Reuters
 




Tags: Crédit Agricole | profit | Banque Saudi Fransi | Saudi Hollandi |

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