Riyadh – Mubasher: Banque Saudi Fransi announced its interim financial statements for the second quarter of 2019.

Net profits declined by 4.39% to SAR 804 million in Q2-19, compared to SAR 1.66 billion in Q2-18, according to the bank’s statement to the Saudi Stock Exchange (Tadawul) on Monday.

Meanwhile, total revenues increased by 8.28% to SAR 1.86 billion during the three-month period ended in June, from SAR 1.72 billion in the corresponding period last year.

The bank attributed the drop in profits to zakat provision, the statement showed.

For the first half of 2019, the bank’s profits plunged by 9.04% to SAR 1.72 billion, versus SAR 1.89 billion in H1-18.

Banque Saudi Fransi generated SAR 3.71 billion in revenues during H1-19, up 11.4% from SAR 3.33 billion in the same period a year ago.

By the end of June, the bank’s assets inched down 1.26% year-on-year to SAR 186.5 billion, while total investments reached SAR 33.6 billion over the same period.

Customer deposits went down by 3.05% to SAR 142.2 billion during the six-month period between January and June, from SAR 146.7 billion in the corresponding period in the prior fiscal year.