Banque Saudi Fransi, part-owned by Credit Agricole, posted a 211 per cent rise in fourth-quarter net profit on Monday, beating analyst forecasts.

Saudi Arabia's fifth-largest bank by assets made SR851 million ($226.68 million) in the three months to December 31, up from SR274 million in the same period a year earlier, according to a statement to Riyadh's bourse.

Analysts polled by Reuters on average forecast the bank would make a quarterly profit of SR780.47 million.

The bank attributed its profit rise to higher operating income and a drop in expenses.

Saudi companies issue brief earnings statements early in the reporting period before publishing more detailed results later.

Banque Saudi Fransi's net profit for 2014 was SR3.52 billion, up from SR2.41 billion a year earlier. - Reuters