RIYADH: Banque Saudi Fransi (BSF) has announced a robust net profit of SR2.066 billion during the first half of 2015, compared to SR1.740 billion in the similar period for the previous year, representing an increase of 18.74 percent.

BSF is continuing on the positive momentum recorded in 2014 and first quarter of 2015 positioning ahead of its medium term loan targets, according to a press release.

Net profit for the second quarter of 2015 has reached SR1.016 billion, an increase of 14.93 percent compared to the same period of the previous year.

Total operating income during the first six months of 2015 has also surged reaching SR3.169 billion compared to SR2.879 billion in the same period of 2014 corresponding to an increase of 10 percent supported by strong and well-balanced revenues generation across all businesses.

Net profit from special commission income rose to SR1.979 billion, a healthy increase of 6.6 percent compared to SR1.866 billion for the same period last year.

It was fed by a sustained growth in loan book, particularly since the beginning of the year, resulting in loans and advances portfolio reaching SR125,363.00 billion for the 6 months of 2015, an increase of 6.79 percent for the same period last year.

Customer deposits continued to grow amounting to SR142,594 billion for the 6 months of 2015, an increase of 6.09 percent compared to 2014.

As a result, the earnings per share for first half 2015 amounted to SR1.71 compared to SR1.44 for the same period in 2014.

Patrice Couvegnes, managing director, said: “We feel proud  for this strong performance, a best ever for the bank, resulting from the successful completion of BSF strategic restructuring plan 2012-2013 and the implementation of BSF Medium Term Plan 2014-2016 aimed at transforming BSF into a Relationship Bank.”

He said: “Our client-centered strategy positioning as a solution-provider coupled with a prudent and well-controlled risk strategy are at the heart of BSF’s model. Those strong results have also helped BSF to further reinforce its financial position to continue supporting its client and the national economy in the years to come.”

Couvegnes thanked all BSF employees for this achievement.

He also thanked the bank’s customers for their continued trust and loyalty.

Banque Saudi Fransi won 5 awards this year. The “Best Bank in KSA for 2015” award from the Banker magazine is among the most prestigious among them, according the press release.