Banque Saudi Fransi is launching well into 2017 with a strong set of results for the first quarter of the year with a net profit of SAR 1,104 Million, an increase of 2.41% against 1,078 SAR Million recorded for the same period of the previous year.
Net profit was driven by the increase in Total Operating Income by 3.2% over the same period of last year amounting to SAR 1,697 Million. This increase in Total Operating Income was primarily due to higher Net Special Commission Income by 4.61% against first quarter of 2016, a solid performance in current environment.
Total Assets reached SAR 204,358 Million representing an 11.05 % increase compared to Q1 2016 and driven by the controlled rise in the portfolio of loans and advances, which amounted to SAR 129,091 Million, up 3.29% from what was achieved in the same period of the previous year.
Customer deposits continued to grow amounting to SAR 158,466 Million an increase of 11.74% compared to first quarter 2016.
As a result, earnings per share during the first quarter of 2017 amounted to 0.92 SR compared to 0.89 SR achieved in the same period of the previous year.
Mr. Patrice Couvegnes, Managing Director, commented “This solid set of results for the first quarter demonstrates the robustness of BSF’s balanced business model in evolving economic environment. It gives solid ground for BSF to move forward with its new Medium Term Plan 2017-2019 in tune with the transformation at play focusing on profitability and process efficiency while embracing the Kingdom’s 2030 vision and digital bank opportunities.”
He concluded “BSF will continue to play its key financial role in the local economy standing close to its corporate, institutional and individual clients and uphold its position as the “Banque of Excellence”. Thanks to all BSF employees for this achievement and thanks to our valuable customers for their continued trust and loyalty ”.