RIYADH: Saudi Arabia’s Banque Saudi Fransi has reported a 123 percent profit surge during 2021, driven by a reduction in costs.
Profit peaked to SR3.45 billion ($920 million), compared to SR1.55 billion a year earlier, according to a bourse filing.
The profit hike was mainly attributed to a 33.4 percent decline in operating expenses, as well as an increase in operating income of 2 percent, the bank said in a statement to the Saudi exchange.
Lower impairment charges for credit losses limited the bank’s cost burden, while higher commission income drove the rise in operating income, it added.
The profit per share was solid during 2021 as it rose from SR1.24 to SR2.7.