Banque Saudi Fransi achieves 5.2 percent surge in quarterly net profit
(MENAFN) Banque Saudi Fransi announced on Monday a net profit of 1.129 billion riyals (USD300.87 million) for the second quarter of the year, reflecting a 5.2 percent increase compared to the 1.073 billion riyals reported in the same period last year. This growth in profitability was driven by a notable reduction in the bank's total operating expenses. Specifically, the decrease in the provision for expected credit losses on loans and advances, along with lower provisions for other financial assets, contributed significantly to this improved financial performance.
Despite the overall rise in net profits, the bank also noted some areas of increased expenditure. There were rises in various cost components including salaries, employee expenses, and other operating costs. Additionally, general and administrative expenses, as well as depreciation and amortization, also saw upward adjustments, impacting the overall expense structure.
The decrease in operating expenses, particularly related to credit losses and financial provisions, was crucial in offsetting these rising costs. This strategic management of operational efficiency and cost control highlights the bank's focus on maintaining profitability amidst varying financial pressures.
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