Banque Saudi Fransi net profit up 2.9% to SR2.13bn

Banque Saudi Fransi (BSF) has posted a net profit of SR2.13 billion during the first half of 2016, compared to SR2.07 billion in the similar period for the previous year, representing an increase of 2.90 percent.
BSF is continuing on the positive momentum recorded in 2015 and Q1, 2016 positioning ahead of its medium term plan targets.
Net profit for the second quarter of 2016 has reached SR1.05 billion with an increase of 3.15 percent compared to the same period of the previous year.
Total operating income during the first six months of 2016 has also surged reaching SR3.23 billion compared to SR3.17 billion in the same period of 2015 corresponding to an increase of 1.92 percent supported by strong and well-balanced revenues generation across all businesses.
Net profit from special commission income rose to SR2.10 billion, an increase of 6.32 percent compared to SR1.98 billion for the same period last year. It was fed by a sustained growth in loan book, particularly since the beginning of the year, resulting in loans and advances portfolio reaching SR129.64 billion at the end of June 2016, an increase of 3.68 percent compared to the same period last year.
Customer deposits amounting to SR138.81 billion at the end of June 2016, a slight decrease of 2.68 percent compared to similar period of 2015.
As a result, the earnings per share for H1, 2016 amounted to SR1.76 compared to SR1.71 for the same period in 2015.
Those results allowed the bank to announce the dividend distribution of SR0.55 per share for the first half of the fiscal year 2016, an increase of 10 percent compared with SR0.50 distributed the same period last year.
Commenting on the results, Managing Director Patrice Couvegnes said: “We feel proud for this strong performance, a best ever for the bank, resulting from the successful completion of BSF strategic restructuring plan 2012-2013 and the implementation of BSF’s medium term plan 2014-2016 aimed at transforming BSF into a relationship bank."
Couvegnes added: “Our client-centered strategy positioning as a solution-provider coupled with a prudent and well-controlled risk strategy are at the heart of BSF’s model. Those strong results have also helped BSF to further reinforce its financial position to continue supporting its client and the national economy in the years to come."
He stated: “We are also glad to be in a position to continue increasing progressively the dividend per share. This smooth dividend distribution pattern benefits our shareholders and demonstrates the good financial standing of the bank over time.”
Couvegnes also thanked all BSF employees for this achievement and asked them to continue to make day after day the "Banque of Excellence." Finally, he also thanked the bank's customers for their continued trust and loyalty.
BSF won four awards this year again, including the Best Corporate Bank in KSA 2016 by the Banker Middle East magazine.

Source: Arab News