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Banque Saudi Fransi Q3 net profit drops 1 pct on higher costs
October 12, 2016 / 5:36 AM / a year ago

Banque Saudi Fransi Q3 net profit drops 1 pct on higher costs

DUBAI, Oct 12 (Reuters) - Banque Saudi Fransi, a lender part-owned by France’s Credit Agricole, on Wednesday posted a 1 percent drop in third-quarter net profit, broadly in line with analyst forecasts, as costs rose.

The fifth-largest Saudi bank made a profit of 1.01 billion riyals ($269.4 million) in the three months ended Sept. 30, compared with 1.02 billion riyals in the same period a year earlier, it said in a bourse statement.

Five analysts surveyed by Reuters had on average forecast the bank would make a quarterly profit of 1.04 billion riyals.

Banque Saudi Fransi, which had reported rising profits for the previous 10 quarters, attributed its diminished earnings performance in the third quarter to a 6.6 percent increase in total operating expenses.

This offset an 8.8 percent rise in income from special commissions to 1.14 billion riyals, as well as a 1.8 percent gain in total operating income to 1.62 billion riyals. ($1 = 3.7495 riyals) (Reporting by David French; Editing by Kenneth Maxwell)

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