BSF posts SR1.43bn net income

RIYADH: Banque Saudi Fransi (BSF) has posted a SR1.43 billion net income for the six months that ended on June 30. This is SR74 million (-4.91 percent) less than the net income for the first six months of 2008 when income posted was SR1.51 billion.

The bank’s net special commission income for the first half of 2009 reached SR1.53 billion compared to SR1.32 billion for the same period last year, according to a BSF statement. A net special commission income of SR757 million was recorded for the second quarter of 2009 compared to SR616 million for the same period in 2008. The earnings per share stood at SR1.98 against SR2.08 for the same period last year.

Total operating income increased by SR65 million (+3 percent), reaching SR2.18 billion during the first half of the year compared to SR2.11 million over the same period of 2008. The bank has achieved a total operating income of SR1.10 billion in the second quarter of 2009, compared to SR1.08 billion during the second quarter of 2008 (+2 percent). The bank’s total assets have increased by SR8 billion (+7 percent) from the end of the second quarter of 2008 to the end of the second quarter of 2009, reaching SR123 billion compared to SR115 billion at the end of the same period last year.

Accordingly, total loans and advances have reached SR81 billion compared to SR76 billion at the end of June 2008. Customer deposits have also shown a positive growth of 6 percent to SR90 billion, from SR85 billion for the same period last year.

BSF Chairman Ibrahim Al-Touq was pleased with the results, stating that BSF has managed to deliver positive growth across all its core business activities while maintaining its focus on customer satisfaction and managing its risk with the utmost diligence despite the volatile and challenging market conditions.