Banque Saudi Fransi records higher profits at $934mln in 9M-24

PHOTO
A man withdraws money from an automated teller machine (ATM) outside Banque Saudi Fransi in Riyadh, Saudi Arabia, November 8, 2017. Image used for illustrative purpose.

Riyadh – The net profits of Banque Saudi Fransi edged up by 0.94% to SAR 3.42 billion in the first nine months (9M) of 2024, compared to SAR 3.39 billion in 9M-23.

The earnings per share (EPS) increased to SAR 2.71 in 9M-24 from SAR 2.69 a year earlier, according to the interim financial statements.

The Saudi lender reported clients’ deposits amounting to SAR 193.34 billion as of 30 September 2024, an annual surge of 16.21% from SAR 166.36 billion.

Assets grew by 15.13% to SAR 287.67 billion in 9M-24 from SAR 249.86 billion in 9M-23, while investments hiked by 23.70% to SAR 57.38 billion from SAR 46.39 billion.

Financials for Q3-24

The bank’s net profits stood at SAR 1.14 billion in the third quarter (Q3) of 2024, down 7.79% year-on-year (YoY) from SAR 1.24 billion.

On a quarterly basis, the Q3-24 profits grew by 1.68% from the SAR 1.12 billion generated in Q2-24.