BSF announces 2,126 Million, an Increase of 2.90% for the First 6 Months of 2016

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BSF announced a robust Net profit of SR 2,126 million during the first half of 2016, compared to SR 2,066 million in the similar period for the previous year, representing an increase of 2.90%. BSF is continuing on the positive momentum recorded in 2015 and 1st quarter of 2016 positioning ahead of its Medium Term Plan targets.

Net profit for the second quarter of 2016 has reached SR 1,048 million with an increase of 3.15% compared to the same period of the previous year.

Total Operating Income during the first six months of 2016 has also surged reaching SR 3,230 million compared to SR 3,169 million in the same period of 2015 corresponding to an increase of 1.92% supported by strong and well-balanced revenues generation across all businesses.

Net profit from special commission income rose to SR 2,104 million, a healthy increase of 6.32% compared to SR 1,979 million 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 SR 129,637 million at the end of June 2016, an increase of 3.68% compared to the same period last year.

Customer deposits amounting to SR 138,810 million at the end of June 2016, a slight decrease of 2.68% compared to similar period of 2015.

As a result, the earnings per share for 1st half 2016 amounted to SR 1.76 compared to SR 1.71 for the same period in 2015.

Those solid results allowed the bank to announce the dividend distribution of SR 0.55 per share for the first half of the fiscal year 2016, an increase of 10% compared with SR 0.50 distributed the same period last year.

Commenting on the results, the Managing Director Mr. 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 Medium Term Plan 2014 - 2016 aimed at transforming BSF into a Relationship Bank. 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. 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”.

Mr. 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.

 

It is worth noting that Banque Saudi Fransi won 4 awards this year again, the most prestigious being the “Best Corporate Bank in KSA 2016” by the Banker Middle East magazine.