Banque Saudi Fransi (BSF) has announced a robust net profit for 2014.

BSF’s net profit for the year ended Dec. 31, 2014 rose by 46.13 percent to SR3,516 million ($936 million) from 2013.

Net profit for the fourth quarter of 2014 reached SR851 million ($227 million), an increase of 210.58 percent compared to the same period of the previous year.

Revenues were strong across 2014 reaching SR5.79 billion compared to SR5.05 billion for 2013, an increase of 14.51 percent.

Revenues were supported by special commission income amounting to SR3.8 billion, compared to SR3.4 billion in 2013, an increase of 13.50 percent. Assets reached SR189 billion ($50.3 billion) in 2014, representing an 11.01 percent increase compared to 2013.

Loans and advances portfolio grew by 4.70 percent reaching SR117 billion ($31.16 billion) at the end of 2014.

Customer deposits continued to grow amounting to SR145 billion ($38.62 billion) at the end of 2014, an increase of 10.39 percent compared to 2013.

As a result, the earnings per share for 2014 amounted to SR2.92 compared to SR2.00 in 2013. Earnings per share for the year ended December 31, 2013 was recalculated to reflect the increase in the bank’s share capital from 904.02 million shares to 1,205.36 million shares. The plan was approved during the extraordinary general assembly meeting on April 16,2014.

Commenting on the results, Patrice Couvegnes, managing director, said: “We feel proud for this strong performance, a best ever for the bank, resulting from the successful completion of BSF’s strategic restructuring plan for 2012–2013 and the implementation of BSF Medium Term Plan for 2014- 2016, aimed at transforming BSF into a relationship bank.”

Couvegnes said: “Very solid contribution from the different business lines, supported by cross-selling effort — coupled with prudent risk management and continuous investment in people and infrastructure — are at the heart of BSF’s business model driving the positive development seen in 2014.”

He added: “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.”

Couvegnes also thanked all BSF employees for this achievement and to continue to make day after day the “bank of excellence.”

Finally, he also thanked the bank’s customers for their continued trust and loyalty.