2023-05-07 05:27:00
Supported by an increase in total operating income by 27.29%
Banque Saudi Fransi’s profits increased by 22.97%, to 1.076 billion riyals, in the first quarter of 2023, compared to 875 million riyals, in the first quarter of 2022.
On a quarterly basis, profits increased by 19%, compared to 903 million riyals in the previous quarter.
Banque Saudi Fransi attributed the increase in net income to the increase in total operating income by 27.29%, which was offset by a partial increase in total operating expenses by 32.17%.
He stated that the increase in total operating income is due to the increase in net special commission income and net foreign exchange income, which was offset by a partial decline in trading income.
The “Saudi Fransi” explained the increase in total operating expenses mainly due to the increase in the net provision for expected credit losses in loans and advances, salaries, employee expenses, other operating expenses, and general and administrative expenses, which was offset by a partial increase in reversing the net provision for credit losses and other financial assets.
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