Banque #Saudi Fransi first-quarter net profit up 12% on higher operating income

Banque Saudi Fransi first-quarter net profit up 12% on higher operating income

Banque Saudi Fransi posted a 12 per cent increase in first-quarter net profit as operating income rose and expenses fell.

Net profit for the three months ending March 31 increased to 875 million Saudi riyals ($233m), Saudi Fransi said in a statement to the Tadawul stock exchange on Sunday.

The impairment charge for credit losses for the first three month of 2022 fell by 5.2 per cent year-on-year to 275m riyals that helped to cut operating expenses and improve operating income, the bank said.

“Net income increased mainly because of an increase in total operating income by 3.06 per cent,” the lender said.