The earnings per share stood at SR0.99 against SR1.02 for the same period last year.

The bank's net special commission income has reached 723 million compared to SR767 million for the same period last year, despite the low interest rate prevailing in the market. This represents a decrease of SR44 Million (-5.7 percent).

Total operating income of SR1.07 billion was recorded for the period, compared to SR1.07 billion for the first quarter of last year and SR1.063 billion for the fourth quarter of 2009, representing a minor decrease of 0.6 percent and an increase of 0.8 percent respectively.

The operating expenses of the bank rose to SR358 million in 1st Quarter 2010 from SR338 million for the same period last year, recording an increase of SR20 million or 5.9 percent.

As of March 31, total assets were SR121 billion, a decrease of 2 percent over total assets of SR124 billion at the corresponding point in 2009. The total loan portfolio ended the first quarter of 2010 at SR80 billion compared to SR81 billion at the end of March 2009. On the liabilities side, customer deposits have reached SR88 billion, from SR92 billion at the same period last year.

Commenting on the results, Ibrahim Al-Touq, BSF's chairman, said: "The financial results for the first quarter are in line with our projections, given the low interest rates prevailing in the market. BSF has successfully executed its inaugural bond issue in the international market which is a vote of confidence by investors, in the bank's sound business strategies."

He emphasized BSF's ability to expand its income during the remaining period of the year through continuous focus on the evolving marketplace and expanding new and existing customer relationships, while strategically pursuing growth opportunities.

Al-Touq said he is pleased with the results and the steady progress made by the bank and he specially thanked the bank's executive management team and the employees for their dedication and efforts in achieving these results and the bank's customers for their continued support and the confidence reposed in BSF.