RIYADH, 10 July 2005 — Banque Saudi Fransi (BSF) said yesterday its first half net profits rose 32 percent to SR1.00 billion ($267 million) boosted by gains across all its operations. It was the third bank in Saudi Arabia, the world’s biggest oil exporter, to report strong growth so far this year. Record prices for Saudi crude have sent government revenues soaring and boosted business confidence.
The bank’s directors recommended a half year dividend of SR per share, the bank said in a statement posted on the official Saudi bourse website. The figure is the same as the first half dividend in 2004. Saudi Fransi shares were up 1.42 percent at SR1,218 at 1500 GMT, despite a fall in the overall index of 3 percent. Income from banking services rose to SR412 million, nearly double the level in the first half of last year. Net income from commissions rose nearly seven percent to SR837.7 million, the bank said.
Loans and advances also rose 32 percent to SR37.7 billion, it added. Assets were up 23.5 percent to SR66.3 billion and customer deposits gained 15 percent to SR50.4 billion. “The excellent results have been achieved through a sustained momentum witnessed across all business lines of the bank,” Chairman Ibrahim Al-Touq said.
Banque Saudi Fransi is Saudi Arabia’s fifth largest listed bank in terms of capitalization.