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Banque Saudi Fransi’s profit falls 6.3% in 2018

Banque Saudi Fransi’s profit falls 6.3% in 2018
BSF’s net income grew 6.74% to SAR 5.017 billion last year
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Riyadh – Mubasher: Banque Saudi Fransi (BSF) on Sunday reported a 6.37% year-on-year decline in net profit for 2018, recording SAR 3.307 billion, compared to SAR 3.532 billion.

BSF attributed the decrease in annual profits to a 14.49% increase in operating expenses, according to a statement to the Saudi Stock Exchange (Tadawul).

The bank’s total revenues increased 5.2% to SAR 6.948 billion in the 12-month period ended December, up from SAR 6.605 billion a year earlier.

The Saudi lender’s net income grew 6.74% to SAR 5.017 billion last year, compared to SAR 4.7 billion in 2017.

Earnings per share (EPS) stood at SAR 2.76 in 2018, versus SAR 2.94 at the end of 2017.

In October, BSF posted that net profits fell 2.28% to SAR 3.04 billion in the first nine months of 2018, versus SAR 3.1 billion in the corresponding nine months of 2017.

Total revenues increased 2% to SAR 5.11 billion during the period from January to September 2018, compared to SAR 5.01 billion in the same period last year.

Quarter-on-Quarter, the bank reported a 0.4% year-on-year profit rise during the third quarter of 2018, registering SAR 1.005 billion, compared to SAR 1.001 billion.

The bank’s total revenues rose 4% to SAR 1.78 billion by the end of Q3-18, from SAR 1.71 billion in the year-ago period.