Banque Saudi Fransi, a lender part-owned by Credit Agricole, posted a 2.7% rise in first-quarter net profit yesterday, beating analyst forecasts due to an increase in total operating income.
The bank, the sixth-largest by assets in the kingdom, made a profit of 1.08bn riyals ($288mn) in the three months ending March 31, compared with 1.05bn riyals in the same period a year earlier, it said in a bourse statement.
Four analysts surveyed by Reuters had on average forecast the bank would make a quarterly profit of 964.3mn riyals.
Banque Saudi Fransi, which had reported rising profits in the previous eight quarters, attributed its improved earnings performance in the first quarter to an increase in total operating income, which gained 2.6% helped by higher incomes from commissions and fees.
These profits from special commissions increased 8.9% year on year to 1.05bn riyals.
Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.
Loans and advances at the end of March stood at 124.98bn riyals, gaining 3.5% on the same point of 2015, while deposits dipped 5.6% to 141.82bn riyals over the same period.
Saudi Arabia’s Alinma Bank reported a 13.7% rise in first-quarter profit yesterday, beating the average forecast of analysts.
Net profit in the three months to March 31 was 391mn riyals ($104.3mn), compared to 344mn riyals in the same period last year, it said in a bourse statement.
Three analysts polled by Reuters forecast on average the firm would make a quarterly net profit of 375.1mn riyals.
Alinma, the tenth-largest bank in the kingdom by assets, cited a decrease in total operating expenses as a result of a drop in provisions for credit losses, as well as a rise in net income from investment and financing activities, for its profit rise.