Banque Saudi Fransi reports strong results in first half

Banque Saudi Fransi (BSF) has achieved strong results for the first half of the year, with a net profit of SR2.1 billion ($560 million) against SR2.1 billion recorded for the same period of the previous year.
The net profit was driven by the increase in total operating income by 2.12 percent over the same period of last year amounting to SR3,327 million. This increase in total operating income was primarily due to the higher net special commission income by 6.89 percent against first half of 2016, a solid performance in the current environment.
Total assets reached SR205,344 million representing an increase of 5.90 percent compared to the same period in 2016. The portfolio of loans and advances remains flat, which amounted to SR129,383 million.
Customer deposits continued to grow amounting to SR163,904 million. This demonstrates an increase of 18.08 percent compared to the same period of 2016.
As a result, earnings per share during the first half of 2017 amounted to SR1.76, which is similar to the same period of the previous year.
Patrice Couvegnes, managing director, said: “This solid set of results for the first half is an outcome of the 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 of the long-term vision set by the management.”
He added: “The bank built its strategy around its clients, who are at 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.”

Source: Arab News