Riyadh – Mubasher: The interim financial statements of Banque Saudi Fransi (BSF) showed a 45.65% annual plunge in profits during the second quarter (Q2) of 2020.

The lender’s net earnings stood at SAR 437 million in the April to June period in 2020, compared with SAR 804 million in Q2-19, according to a bourse disclosure on Sunday.

Meanwhile, total comprehensive income shrank by 29.69% year-on-year (YoY), registering SAR 921 million by June-end, due to higher total operating expenses by 60.70%, despite the growth in total operating income by 3.17%.

The higher expenses resulted from a rise in the impairment charge for credit losses, impairment charge for other financial assets, in addition to salaries and employee-related expenses. This was partially offset by a fall in other operating, general, and administrative expenses.

Meanwhile, total operating income increased due to higher trading income, as well as exchange income and other operating income. This increase was partially offset by the drop in the fee and commission income.