Banque Saudi Fransi announces strong results

Banque Saudi Fransi (BSF) is launching well into 2017 with a strong set of results for the first quarter of the year with a net profit of SR1.104 billion. This is an increase of 2.41 percent from SR1.078 billion recorded for the same period of the previous year.
The net profit was driven by a 3.2 percent increase in the bank’s total operating income over the same period of last year amounting to SR1.697 billion, said a press release.
The increase in the bank’s total operating income was primarily due to higher net special commission income, a solid performance in the the current environment.
The bank’s total assets reached SR204,358 million, representing an increase of 11.05 percent compared to the first quarter of 2016. The asset growth was driven by a controlled increase in the portfolio of loans and advances.
The bank’s customer deposits grew to SR158,466 million, an increase of 11.74 percent compared to the first quarter of 2016, the release added. As a result, the bank’s earnings per share rose to SR0.92 during the first quarter of 2017 from SR0.89 achieved in the same period of the previous year.
Patrice Couvegnes, managing director, said: “This solid set of results for the first quarter demonstrates the robustness of the bank’s balanced business model in evolving economic environment.
He added: “It gives a solid ground for BSF to move forward with its new medium term plan 2017-2019 in tune with the transformation at play focusing on profitability and process efficiency while embracing the Kingdom’s 2030 Vision and digital banking opportunities.”  
He said: “The bank will continue to play its key financial role in the local economy standing close to its corporate, institutional and individual clients and uphold its position as the bank of excellence.”
He added: “We thank all BSF employees for this achievement and our valuable customers for their continued trust and loyalty.”

Source: Arab News