Banque Saudi Fransi Q1 Net Profit Rises 22.7%, Beats Forecasts

Banque Saudi Fransi, the lender part-owned by Credit Agricole, posted a 22.7 per cent rise in its first-quarter net profit, it said in a statement on Wednesday, beating analysts’ forecasts.

The kingdom’s fifth-largest bank by assets said it made 1.05 billion riyals ($279.9 million) in the three months ending March 31, compared with 856 million riyals in the same period a year earlier.

Six analysts surveyed by Reuters expected the bank to post an average net profit of 867.6 million riyals for the quarter.

The bank attributed its rise in net profit to an increase in total operating income, which gained 13.5 per cent on the corresponding period of 2014 to 1.59 billion riyals, without elaborating.

Profits from special commissions also increased 7.4 per cent over the same timeframe to 963 million riyals.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

Loans and advances at the end of March stood at 120.4 billion riyals, gaining 4.8 per cent on the same point of 2014.