Banque Saudi Fransi's shares rise after 9% jump in profit to $719m

Banque Saudi Fransi's shares rise after 9% jump in profit to $719m
Banque Saudi Fransi profit peaked at SR2.7 billion ($719 million), compared to SR2.5 billion in the prior-year period. (Shutterstock)
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Updated 31 October 2022
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Banque Saudi Fransi's shares rise after 9% jump in profit to $719m

Banque Saudi Fransi's shares rise after 9% jump in profit to $719m

RIYADH: Saudi Arabia’s Banque Saudi Fransi has reported a 9 percent profit surge for the first nine months of 2022, driven by a boost in total operating income.

The bank’s profit peaked at SR2.7 billion ($719 million), compared to SR2.5 billion in the prior-year period, according to a bourse filing.

Following the announcement, the bank saw its shares gain 0.47 percent at a share price of SR43.20.

In the hours following the announcement, the bank saw its shares decline 0.35 percent at a share price of SR42.85, as of 11:00 a.m. Saudi time.

The profit hike was mainly attributed to an 8 percent increase in operating income that reached SR2.8 billion, partially offset by a 9 percent boost in operating expenses, the bank said.

The bank also posted SR961 million in third quarter profits, up 6 percent from the same quarter last year.