RIYADH: Banque Saudi Fransi (BSF) yesterday announced a net profit of SR741 million for the first quarter of 2009, representing an increase of 30 percent over the last quarter of 2008 results and 1.2 percent over Q1, 2008.
The earnings per share were recorded at SR1.32 for Q1, 2009 against SR1.30 for the same period during last year.
Net special commission income has grown by SR65 million (9.2 percent) from Q1, 2008 levels to SR767 million at the end of Q1, 2009. Total operating income for Q1, 2009 is SR1.079 billion, which is SR45 million higher compared to SR1.034 billion in the same period of 2008.
Total operating expenses for Q1, 2009 amounted to SR339 million compared to SR306 million in the same period of 2008 with the increase of SR33 million (+10.89 percent).
The balance sheet of the bank continued to grow at a steady rate. Total assets of the bank stand at SR124 billion at the end of Q1, 2009 compared to SR111 billion at the end of the same period of 2008, thereby recording a growth of 11.7 percent.
Loans portfolio rose by SR12.8 billion to SR81.3 billion in Q1 of 2009 compared to SR68.5 billion in the same period of 2008 (+18.8 percent) and customers deposits increased from SR78.4 billion in Q1 of 2008 to SR91.6 billion in the same period of 2009 with the increase of SR13.2 billion (+16.8 percent).
BSF Chairman Ibrahim Al-Touq said: “The bank has performed well and posted good results despite the difficult market condition in the context of the world economic crisis. He said BSF would continue to expand on its core businesses through various banking products and services. As demonstrated in this first quarter results, the bank is capable to continue growing and generate sound revenues without compromising on its risks criteria.
Al-Touq added that the bank is adequately capitalized and geared at developing more fee-based business in order to preserve its risk profile and its revenue generation.