Banque Saudi Fransi’s net profit rises 7% YoY in Q1-24

Clients’ deposits grew 4.42% YoY to SAR 174.82 billion in Q1-24 from SAR 167.41 billion, according to the interim financial results

Staff Writer, Mubasher

April 25, 2024

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Banque Saudi Fransi logged a 6.87% year-on-year (YoY) increase in net profit to SAR 1.15 billion during the first quarter (Q1) of 2024 from SAR 1.07 billion.

Clients’ deposits grew 4.42% YoY to SAR 174.82 billion in Q1-24 from SAR 167.41 billion, according to the interim financial results.

The bank’s assets rose 11.71% YoY to SAR 268.37 billion in the three-month period that ended on 31 March 2024 from SAR 240.23 billion.

The earnings per share (EPS) reached SAR 0.91 in Q1-24, up from SAR 0.85 in the corresponding period of 2023.

Quarter-on-quarter (QoQ), the bank’s net profit surged 39.05% in Q1-24 from SAR 827 million in the previous quarter.

Banque Saudi Fransi achieved SAR 4.22 billion net profit in 2023, marking an 18.12% YoY increase from SAR 3.57 billion.

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