October 24, 2018 / 5:56 AM / a month ago

Banque Saudi Fransi posts broadly flat Q3 profit

DUBAI, Oct 24 (Reuters) - Banque Saudi Fransi, the fifth-largest lender by assets in Saudi Arabia, posted broadly flat third-quarter net profit on Wednesday, broadly in line with analysts’ forecasts.

The bank made a profit of 1.01 billion riyals ($269.2 million) in the three months ending Sept. 30, compared with 1.0 billion riyals in the same period a year earlier, it said in a bourse statement.

Three analysts surveyed by Reuters had on average forecast the bank would make a quarterly profit of 1.03 billion riyals.

Banque Saudi Fransi attributed its performance to higher net special commission income and a gain on financial instruments and exchange income, which was partially offset by losses on non-trading investments and a reduction in fee and commission income.

Loans and advances at the end of September stood at 123.70 billion riyals, falling 4.1 percent from the same point in 2017, while deposits dipped 5.6 percent to 146.69 billion riyals over the same period. ($1 = 3.7515 riyals) (Reporting By Tom Arnold; editing by Darren Schuettler)

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