Riyadh – Mubasher: Banque Saudi Fransi posted a 6.68% year-on-year fall in its net profits for the third quarter of 2019, recording SAR 880 million.

Total revenue from special commissions/financing and investments grew by 4.9% to SAR 1.87 billion in Q3-19, compared to SAR 1.78 billion in Q3-18, according to the bank’s filing to the Saudi Stock Exchange (Tadawul) on Tuesday.

The bank attributed the fall in net income to the increase in total operating expenses by 11.86%.

During the nine-month period between January and September, the net profits of Banque Saudi Fransi reached SAR 2.6 billion, 8.2% lower from SAR 2.85 billion in the same period of 2018.

The Saudi-based lender generated SAR 3.9 billion in revenues, 3.8% higher than SAR 3.77 billion in the corresponding period of the previous year.

By the end of September, the bank’s assets stood at sar186.36 billion, while investments registered SAR 32.38 billion over the same period.