Banque #Saudi Fransi quarterly net profit down 4.4% on Islamic tax provision - Reuters

Banque Saudi Fransi quarterly net profit down 4.4% on Islamic tax provision - Reuters:

Banque Saudi Fransi on Monday posted a 4.4% decline in quarterly profit, citing higher provision for zakat, an Islamic tax in Saudi Arabia.

The drop came despite a 2.5% rise in operating income due to higher net special commission income, gain on non-trading investments and fee income.

The lender reported a net profit of 804 million riyals ($214 million) in the second quarter that ended on June 30, down from 841 million in the same period a year earlier.