RIYADH: Banking service provider Banque Saudi Fransi reported a 12 percent gain in profit for the first quarter, driven by an increase of 3 percent in total operating income. The company said its net profit increased to SR875 million ($233 million) from SR780 million for the previous period, according to a bourse filing. The bank attributed the rise in net profit to higher net trading income, exchange income, and special commission income, which were partially offset by lower net fee and commission income. In early afternoon trading, the bank saw its shares drop 1.64 percent at SR54 despite the positive profits announcement, as of 1:31 p.m. Saudi time.