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Banque Saudi Fransi witnesses special deals on its shares worth SAR 4.8 billion

Saudi Arabia recycles pilgrims' ihrams through the "Mowan" initiative

Following the completion of two unique transactions totaling 4.8 billion riyals, or 9% of the bank’s capital, the shares of Banque Saudi Fransi are trading at remarkable prices on the Saudi stock market today, Thursday.

The parties who made the purchase, are connected to the government. The deals were struck for 45 riyals per share, which is less than the market price for shares.

Banque Saudi Fransi’s share rose by 2% to 51 riyals.

Saudi Fransi had announced that its profits grew by about 9% in the second quarter on an annual basis, to reach 837 million riyals, coming in line with analysts’ expectations.

The profit growth on an annual basis is mainly due to the growth of the loan and deposit portfolios by more than 12%.

In comparison to the prior quarter, the bank’s quarterly profits fell by 4%, which it attributed to a notable 16% quarterly increase in provisions for credit losses.

By transacting on 251.74 million shares, deals on Saudi Fransi shares helped the market’s overall trading value reach roughly 9.54 billion riyals.

The main index of the market “TASI” rose by 0.7%, equivalent to 84.5 points, to reach the level of 12136.71 points.

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