Banque Saudi Fransi, the lender part-owned by Credit Agricole, posted a 22.7 per cent rise in its first-quarter net profit, it said in a statement on Wednesday, beating analysts' forecasts.

The kingdom's fifth-largest bank by assets said it made SR1.05 billion ($279.9 million) in the three months ending March 31, compared with SR856 million ($228 million) in the same period a year earlier.

Six analysts surveyed by Reuters expected the bank to post an average net profit of SR867.6 million ($231 million) for the quarter.

The bank attributed its rise in net profit to an increase in total operating income, which gained 13.5 per cent on the corresponding period of 2014 to SR1.59 billion ($423 million), without elaborating.

Profits from special commissions also increased 7.4 percent over the same timeframe to 963 million riyals.

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

Loans and advances at the end of March stood at SR120.4 billion ($32 billion), gaining 4.8 per cent on the same point of 2014.-Reuters