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Banque Saudi Fransi is a Saudi Joint Stock Company affiliated with Crédit Agricole Corporate and Investment Bank. Image used for illustrative purpose. Getty Images
Saudi-listed Banque Saudi Fransi’s net profit rose 35% to SAR 1.12 billion ($298.62 million) in the fourth quarter of 2024, compared with SAR 827.5 million a year ago.
Net earnings for 2024 reached SAR 4.54 billion, an increase of 8% from SAR 4.22 billion in 2023.
The gross special commission income increased by 24% year-on-year (YoY), supported by higher annual returns from financing and investments, as well as net special commission income.
Total operating income rose, driven by higher trading income, net fee and commission income, net special commission income and gains on non-trading investments.
Net impairment charges for financing and other financial assets fell by 26% YoY amid lower impairment charges on loans and advances.
(Editing by Brinda Darasha; brinda.darasha@lseg.com)