BSF posts SR 1.55 bn net income

Banque Saudi Fransi's (BSF's) net income during the first semester of 2012 amounted to SR 1.55 billion, an increase of 3.76 percent compared to SR 1.49 billion for the same period last year. Net Income for Q2 2012 amounted to SR 757 million, a decrease of 2.07 percent compared to SR 773 million for the same period in 2011 and a decrease of 4.06 percent compared to SR 789 million for Q1 2012. Total operating income for the first six months of 2012 amounted to SR 2.50 billion, an increase of 8.21 percent compared to SR 2.31 billion for the same period last year. Total operating income for the second quarter amounted to SR 1.28 billion, an increase of 10.32 percent compared to SR 1.16 billion for the second quarter of 2011. Net special commission income for the first six months of 2012 amounted to SR 1.65 billion, an increase of 6.47 percent compared to SR 1.55 billion for the same period last year. Net special commission income for the second quarter of 2012 amounted to SR 844 million, an increase of 6.97 percent compared to SR 789 million for Q2, 2011. The earnings per share for the first six months of 2012 amounted to SR 1.71 compared to SR 1.65 for the same period last year. Earnings per share for the six months ended June 30, 2011 was recalculated to reflect the increase in the bank's share capital from 723.2 million shares to 904.0 million shares, which was approved during the extraordinary general assembly meeting on April 07. Total Assets increased by 9.7 percent and amounted to SR 147 billion as at June 30, 2012 compared to SR 134 billion as at June 30, 2011. Investments decreased by 8.7 percent and amounted to SR 21 billion as at June 30, 2012 compared to SR 23 billion as at June 30, 2011. The loans and advances portfolio increased by 18.8 percent to reach SR 101 billion as at June 30, 2012 compared to SR 85 billion as at June 30, 2011. Customers' deposits increased by 9.0 percent to reach SR 109 billion as at June 30, 2012 compared to SR 100 billion as at June 30, 2011. BSF's Chairman Saleh Al-Omair elaborated on the Q2, 2012 results by emphasizing that BSF successfully attained positive growth across all core business activities while effectively managing its risk profile. Patrice Couvegnes, BSF's MD, further highlighted that despite volatile market conditions and low interest rate environment, BSF's performance is solid allowing preparing the bank for the future. In the end, he expressed his gratitude toward the bank's customers, shareholders and staff for their unwavering support." From arabnews