DUBAI Jan 13 Banque Saudi Fransi, the
lender part-owned by Credit Agricole, posted a 66.1
percent slump in its fourth-quarter net profit, citing higher
The kingdom's fifth-largest bank by market value made 274
million riyals ($73.1 million) in the three months ending Dec.
31, compared with 808 million riyals in the same period a year
earlier, it said in a bourse statement on Monday.
Analysts surveyed by Reuters expected the bank to post an
average net profit of 771.3 million riyals for the quarter.
The bank didn't provide any other details relating to what
caused the higher expenses. Saudi companies issue brief earnings
statements early in the reporting period before publishing more
detailed results later.
Profit for 2013 was hit as a result of the quarterly
decline. The bank's net profit dropped 20.2 percent over the
previous year to 2.41 billion riyals.
($1 = 3.7505 Saudi riyals)
(Reporting by David French; Editing by Dinesh Nair)