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Saudi Fransi Loan Provisions Rise 55% in Second Quarter to $22.4 Million

By Mourad Haroutunian -

Banque Saudi Fransi, a Saudi lender part-owned by Credit Agricole SA, posted a 55 percent increase in provisions for bad loans in the second quarter.

The Riyadh-based bank raised provisions to 83.9 million riyals ($22.4 million) in the three months ended June 30, from 53.9 million riyals in the previous quarter, according to data posted on the Saudi bourse website today.

Banque Saudi Fransi’s second-quarter profit rose 9.4 percent to 757 million riyals, the lender said in a statement on July 10.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

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