Banque Saudi Fransi records a net profit of SAR 2.1 billion for the first six months of 2017
Banque Saudi Fransi (BSF) achieved strong results for the first half of the year, with a net profit of SAR 2.1 billion up from SAR 2.1 billion it recorded for the corresponding period last year.
According to a statement by the bank, net profit was driven by the increase in Total Operating Income by 2.12 per cent over the same period of last year amounting to SAR 3,327 million. This increase in Total Operating Income was primarily due to higher Net Special Commission Income by 6.89 per cent against first half of 2016, a solid performance in current environment.
Commenting on the results, Patrice Couvegnes, Managing Director, said, “This solid set of results for the first half is the outcome of restructuring and transformation we did for the past five years that has put BSF in an excellent position to weather the challenging economic environment. The results are also in line with our Medium Term Plan (2017-2019). BSF has been on a steady growth building a strong market presence and reliable foundation since the implementation of the first MTP (2014-2016). This year entering successfully into the second MTP (2017-2019) is a continuation to the long term vision set by the management. The Bank built its strategy around the clients, which is the centre of the business model. Our aim is to build a long term relationship with our clients and to support them during this transformation of economy with prudent risk strategy.”
Total Assets reached SAR 205,344 million representing an increase of 5.90 per cent compared to same period 2016. The portfolio of loans and advances remains flat, which amounted to SAR 129,383 million.
Customer deposits continued to grow amounting to SAR 163,904 million. This demonstrates an increase of 18.08 per cent compared same period of 2016.
As a result, earnings per share during the first half of 2017 amounted to SAR 1.76, which is similar to the same period of the previous year.