BSF announces a robust 3,136 million Net Profit
for the first 9 months of 2016
BSF announced a robust Net profit continuing on the positive momentum recorded in 2015 and first half of 2016, ahead of its Medium Term Plan targets, achieving SR 3,136 million at the end of 3rd quarter of 2016, compared to SR 3,086 million in the similar period for the previous year, representing an increase of 1.62%. This is due to solid and well-balanced revenues generation across all businesses.
Net profit for the third quarter of 2016 has reached SR 1,010 million, a decrease of 0.98% compared to the same period of the previous year primarily on seasonal effect.
Total Operating Income during the first nine months of 2016 has increased to SR 4,845 million compared to SR 4,757 in the same period of 2015, a growth of 1.85%, while reaching SAR 1,616 in Q3, an increase of 1.76% over the same quarter for 2015.
Net special commission income rose to SR 3,239 million, an increase of 7.15% compared to SR 3,023 million for the same period last year. In Q3-2016 the amount reached SR 1,136 million an increase of 8.81% over the previous year third quarter.
Net special commission income were fed by a sustained growth in Loans and advances portfolio reaching SR 133,937 million representing an increase of 7.66% for the same period last year.
Customer deposits are standing at SR 147,277 million for the 9 months of 2016, a fair increase of 2.31% compared to the same period in 2015.
As a result, the earnings per share for nine months of 2016 amounted to SR 2.60 compared to SR 2.56 for the same period in 2015.
The Managing Director Mr. Patrice Couvegnes said “BSF has delivered a solid set of results for the 3rd quarter 2016 adjusting well to changing market conditions. The Bank continued to play its financing role with a meaningful increase in its loan book since the beginning of the year as BSF supports its corporate and individual clients and the on-going economic initiatives.” He further added “BSF can rely on sound fundamentals built over the past years : a prudent risk-strategy and continuous reinforcement of prudential ratios are now providing a very strong base to operate and play our part in the national economy.”
“Finally I would like to thank all BSF employees for this achievement and ask them to continue to make the "Bank of Excellence". Also, I would like to thank the bank's customers for their continued trust and loyalty”.