Financial and Banking News
Saudi Fransi Profits Increase
The first Saudi bank to announce an increase in profits in 1984 is al-Bank al-Saudi al-Fransi, which released figures last week showing a 3.6% increase in profits (after tax) to SR143.4mn ($39.8mn). SR105mn was transferred to reserves. Assets (less contras) increased 15% to SR12.98bn ($3.6bn), while a big increase in interbank lending pushed up the loan portfolio by 55% to SR8.48bn ($2.35bn).