Oct 12 2011 |
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Banque Saudi Fransi 3Q Net Profit +22% At SAR760 Million Vs Yr Ago
Wednesday, Oct 12, 2011
RIYADH (Zawya Dow Jones)-- Banque Saudi Fransi (1050.SA), the lender part-owned by France's Credit Agricole S.A. (CRARY), said Wednesday third-quarter net profit rose 22% to 760 million Saudi riyals ($202.7 million), compared with a year ago, due to a rise in total operating income and improved financial discipline.
Analysts at Bahrain-based investment bank SICO had forecast a SAR784.3 million net profit for the three-month period, while Cairo-based EFG Hermes had penciled in SAR743 million result.
Earnings per share for the first nine months of the year came in at SAR3.11 versus SAR2.89 a year earlier, Banque Saudi Fransi said in a statement posted on the Saudi bourse website.
Banque Saudi Fransi didn't say whether it booked provisions in the third quarter of the year. Profits at several Saudi banks were hit in 2009 as they boosted provisions to counter exposure to some troubled Saudi firms and the global economic crisis.
Banque Saudi Fransi shares closed trading Wednesday 1% down at SAR38.70 in a marginally negative overall market.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
12-10-11 1325GMT
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