Riyadh – Mubasher: The interim financial statements of Banque Saudi Fransi (BSF) showed a 28.86% decline in net profit during the first quarter (Q1) of 2020 to SAR 801 million, compared with SAR 1.126 billion in Q1-19.

The bank attributed the decrease in profit to lower net income, and an upsurge in total operating expenses by 60.39%, despite a 1.97% increase in total operating income, according to a statement to the Saudi Stock Exchange (Tadawul).

These higher expenses resulted from an increase in the impairment charge for credit losses, salaries and employee-related expenses, other operating, general, and administrative expenses, as well as a reduction in impairment reversal for other financial assets, which was partially offset by a decrease in depreciation and amortization.