Banque Saudi Fransi Q4 profit rises 211pc, beats forecasts

DUBAI: Banque Saudi Fransi, part-owned by Credit Agricole, posted a 211 percent rise in fourth-quarter net profit on Monday, beating analyst forecasts.

Saudi Arabia's fifth-largest bank by assets made 851 million riyals ($226.68 million) in the three months to Dec. 31, up from 274 million riyals in the same period a year earlier, according to a statement to Riyadh's bourse.

Analysts polled by Reuters on average forecast the bank would make a quarterly profit of 780.47 million riyals.

The bank attributed its profit rise to higher operating income and a drop in expenses.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

Banque Saudi Fransi's net profit for 2014 was 3.52 billion riyals, up from 2.41 billion riyals a year earlier.