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.
