RIYADH, 18 April — A leading bank of the Kingdom, AlBank AlSaudi AlFransi (BSF), has announced 24.5 percent increase in its net profit during the first quarter of this year compared to the same period last year.
The net profit reached SR191.5 million during the first half of this year and fee income registered a 10 percent increase reaching SR47.5 million, said a press statement released by the BSF here today. These figures were made possible by successfully expanding all business line activities mainly attracting fresh deposits and booking new quality assets both locally and regionally.
Referring to the performance, BSF Chairman Ibrahim Al-Touq said that “these figures reflect highly efficient performance and extensive marketing efforts while maintaining a conservative reserve-building policy in line with the BSF’s strict guidelines.
A consistent development of banking products and vigilant control of expenses will secure BSF high growth rates in future”.
The statement further said that net loan portfolio increased by 18.8 percent to SR16.4 billion, while customer deposits expanded by 19.7 percent to SR31 billion during the first quarter of this year compared with the same period last year. Total assets increased by 19 percent to SR39.7 billion.
The two new products, the BSF education plan (Al Anjal and the BSF retirement plan (Al Ghad), performed very well during the whole of the year 2000.
This is in addition to the quality banking services provided by the BSF to its customers with new technology and banking products.