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Banque Saudi Fransi's Q2 profit falls 4.4% YOY

Banque Saudi Fransi reported second-quarter net profit of 804 million Saudi Arabian riyals, down from 841 million riyals in the same period in 2018.

The bank attributed the fall to a 26% increase in total operating expenses, which was mainly due to higher impairment charges for credit losses, impairment charges for other financial assets, salaries and employee-related expenses, and other general and administrative expenses partially offset by a decrease in depreciation and amortization.

Net income from special commissions and investments amounted to 1.30 billion riyals, up from 1.25 billion riyals a year ago, while total operating profit over the same period totaled 1.71 billion riyals, compared to the year-ago 1.67 billion riyals.

For the first half, the bank reported net profit of 1.72 billion riyals, down from 1.89 billion riyals in the same period a year ago. Profit per share was 1.43 riyals in the period, down from 1.58 riyals in the first half of 2018.

As of Aug. 2, US$1 was equivalent to 3.75 Saudi Arabian riyals.