Banque Saudi Fransi Q2 net profit up
Dubai, July 8, 2013
Banque Saudi Fransi, the lender part-owned by Credit Agricole, posted a 0.8 per cent rise in its second-quarter net profit, beating analyst forecasts.
Saudi Arabia's fifth-largest bank by market value said it made 763 million riyals ($203.5 million) in the three months ending June 30, compared with 757 million riyals in the same period a year earlier.
Analysts surveyed by Reuters expected the bank to post an average net profit of 749.3 million riyals for the second quarter.
The bank attributed its rise in net profit to reduced operating expenses, without elaborating.
Profit for the opening six months of the year slipped 6.5 per cent to 1.45 billion riyals.
Operating income for the second quarter was unchanged from the corresponding period of 2012 at 1.28 billion riyals, while profits from special commissions slipped 1.5 per cent to 831 million riyals.
Loans and advances at the end of the second quarter stood at 110.2 billion riyals, gaining 9.7 per cent on the same point of 2012.
Bank lending to the private sector across the Saudi banking sector rose 16.5 per cent in May, the fastest clip since February 2009, after a 16 per cent increase in the previous month, according to central bank data.
The bank held deposits worth 124.6 billion riyals at the end of the June, up 14.4 per cent on the same point last year. - Reuters