Profits of Saudi Fransi jump 76% in the second quarter to 770 million riyals

Banque Saudi Fransi’s preliminary financial results showed an increase in its net profit after zakat and taxes, by 76.2% in the second quarter of 2021, to reach 770 million riyals, compared to a net profit of around 437 million. riyal in the same quarter of 2020.

On a quarterly basis, Banque Saudi Fransi’s net profit decreased by 1.28% in the second quarter of 2021, compared to a net profit of approximately 780 million riyals in the first quarter of 2021.

“Saudi Fransi” declared in a statement to “Tadawul Saudi Arabia” today, Sunday, that the increase in earnings in the second quarter of 2021, on an annual basis, is mainly caused by the decrease in total operating expenses of 25.7% and this is mainly due to the decrease in the provision for bad debts and financial assets, offset by a partial increase in other operating, general and administrative expenses.

Banque Saudi Fransi’s net profit increased 38.4% in the first half of questyear, reaching 1.55 billion riyals, compared to 1.12 billion riyals in the same period of 2020.

The bank’s loan and advances portfolio increased by 4.46% to reach 141.81 billion riyals at the end of the first half of 2021, compared to around 135.75 billion riyals in the same period in 2020.

Similarly, the value of customer deposits increased by 2% to reach 140.81 billion riyals at the end of the first half of questyear, compared to approximately 138.05 billion riyals at the end of the first half of 2020.

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