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Banque Saudi Fransi Q3 Net Profit Jumps 35%

Banque Saudi Fransi Q3 Net Profit Jumps 35%

The bank said it made SAR926 million ($246.9 million) in the three months ending September 30, compared with SAR685 million in the same period a year earlier.

Banque Saudi Fransi, the lender part-owned by Credit Agricole, posted a 35.2 per cent rise in its third-quarter net profit, according to a bourse statement on Monday, beating analyst forecasts.

The kingdom’s fourth-largest listed bank by assets said it made SAR926 million ($246.9 million) in the three months ending September 30, compared with SAR685 million in the same period a year earlier.

Analysts surveyed by Reuters expected the bank to post an average net profit of SAR831.1 million for the quarter.

The bank attributed its rise to an increase in total operating income, which rose 15.8 per cent year-on-year to SAR1.49 billion, without elaborating.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

Loans and advances at the end of September stood at SAR118.2 billion, gaining 9 percent on the same point of 2013, while deposits rose 5 per cent to SAR131.9 billion over the same period.

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