Banque Saudi Fransi announces Strong Results for the first 6 months of 2017

 head office banner

Banque Saudi Fransi (BSF) achieved strong results for the first half of the year, with a net profit of SAR 2.1 Billion against SAR 2.1 Billion recorded for the same period of the previous year. 

Net profit was driven by the increase in Total Operating Income by 2.12% 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% against first half of 2016, a solid performance in current environment.

Total Assets reached SAR 205,344 Million representing an increase of 5.90% 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% compared same period of 2016.

As a result, earnings per share during the first half of 2017 amounted to 1.76 SAR, which is similar to the same period of the previous year.

Mr. Patrice Couvegnes, Managing Director, commented “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 center 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.”