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Bannque Saudi Fransi reported a 2023 full-year net profit of 4.22 billion riyals ($1.12 billion), up 18% year-on-year (YoY).
The net profit was only a shade lower than analysts’ mean estimate of SAR 4.44 billion, according to LSEG data.
Net income increased mainly due to increase in total operating profit by 16.3% to SAR 9.32 billion, the lender said in a statement on the Saudi Tadawul bourse on Monday.
Provision for expected credit losses and other losses rose 17% to SAR 1.59 billion compared to last year.
Loans and advances were up 13% at SAR 179 billion, while customer deposits rose 9% to SAR 172 billion.
(Writing by Brinda Darasha; editing by Seban Scaria)
