Saudi Arabian bank Banque Saudi Fransi has posted a net profit of SR1.1bn ($279.9m) for the first quarter of 2015, marking close to a 23 per cent increase on the same quarter last year. The bank made SR856m in the first quarter of 2014.

The bank has recorded total assets of SR193.9bn, a 5 per cent increase in the same period last year. Its loans and advances portfolio reached SR120.4bn, an increase of 4.8 per cent. Customer deposits reached SR150.2bn, an 8.8 per cent increase on the first quarter last year.

Saudi Fransi’s results follow Riyad Bank’s announcement that its first quarter profits reached SR1.2bn, almost 9 per cent higher than the same quarter in 2015.