1 Day
Source:
الاقتصادية
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"PSF" and "Al-Balad" Q3 profit comparison
The profits of the first two banks that announced their third quarter results in the Saudi market showed differing performances. Banque Saudi Fransi (BSF) achieved an 11.5% increase in profits, driven by its increased exposure to the corporate sector and benefiting from high interest rates, with only a modest 2% increase in its provisions. In contrast, Albilad Bank's profits declined by 3.4% due to its significant exposure to the retail sector, particularly mortgage loans, which led to a 150% increase in its provisions. Additionally, its operating expenses rose by 10%. The differences in the loan portfolio structures and the impact of rising provisions explain the contrasting financial performance between the two banks in the third quarter.
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