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  • 05-08-19

    4.4 percent fall in Banque Saudi Fransi profit

    (MENAFN) Banque Saudi Fransi, a Saudi Joint Stock Company, witnessed its profit plunge by 4.4 percent from April to June 2019 as a result of hikes in Islamic tax (zakat).

    During the second quarter, net income of the Saudi banking company stood at 804 million Saudi riyals from last year's 841 million riyals.

    In a statement, Banque Saudi Fransi explained that the "net income decreased mainly due to zakat provision."

    "Starting from the quarter ended 30 June 2019, zakat and tax are to be accrued on a quarterly basis and recognised in consolidated statement of income with a corresponding liability," it further added.

    MENAFN0508201900450000ID1098845417

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