RIYADH, 26 January 2004 — The Banque Saudi Fransi (BSF) has reported a net profit of SR1.18 billion for 2003. This is a 16.9 percent increase over 2002. Customer deposits and loans reported growth of 17.8 percent and 27 percent respectively, which directly contributed to the 19.7 percent growth in the balance sheet, totaling SR53.5 billion. Commenting on the financial statement, Banque Saudi Fransi Chairman Sheikh Ibrahim Al-Touq said, “The bank achieved remarkable expansion of its customer base and business in 2003 besides significantly increasing its market share in lending, despite the resistance of low interest rates, fierce competition for deposits and smaller demand for loans”. BSF has emerged to be one of the leading banks in the Middle East. It is now the second largest bank in the Kingdom with foreign shareholders. It is the seventh ranked corporate banking entity in the Middle East in terms of earnings. Not only this but BSF has also recently won the best performing funds award for the past three years. (M.G.A.K.)