BSF announces its First Semester Interim Results with a Net Income of SR 1,546 Million

 head office banner

Banque Saudi Fransi’s Net Income during the first semester of 2012 amounted to SR 1,546 Million, an increase of 3.76% compared to SR 1,490 Million for the same period last year. 

Net Income for second quarter of 2012 amounted to SR 757 Million, a decrease of 2.07% compared to SR 773 Million for the same period in 2011 and a decrease of 4.06% compared to SR 789 Million for the first quarter of 2012.

Total Operating Income for the first six months of 2012 amounted to SR 2,503 Million, an increase of 8.21% compared to SR 2,313 Million for the same period last yearTotal Operating Income for the second quarter amounted to SR 1,283 Million, an increase of 10.32% compared to SR 1,163 Million for the second quarter of 2011

Net Special Commission Income for the first six months of 2012 amounted to SR 1,646 Million, an increase of 6.47% compared to SR 1,546 Million 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% compared to SR 789 Million for the second quarter of 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 07,2012.  

Total Assets increased by 9.7% 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% 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 % 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% to reach SR 109 Billion as at June 30, 2012 compared to SR 100 Billion as at June 30, 2011.

The reason for the increase in the net income for the six months ended June 30, 2012 compared to the same period last year is the increase in the operating income of the Bank. The reason for the decrease in the net income during Q2 2012 compared to Q2 2011 and Q1 2012 is the higher operating expenses resulting from the prudent provisioning policy in line with the increased level of the lending portfolio.

His Excellency BSF’s Chairman Dr. 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. Mr. Patrice Couvegnes, BSF’s Managing Director, 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 towards the Bank’s Customers, Shareholders and Staff for their unwavering support.