JEDDAH: Banque Saudi Fransi (BSF) has posted a net profit of SR3.086 billion for the first 9 months of 2015, an increase of 15.75 percent.

BSF announced a robust net profit continuing on the positive momentum recorded in 2014 and first half of 2015, ahead of its medium term plan targets achieving SR3,086 million at the end of third quarter of 2015, compared to SR2.666 million in the similar period for the previous year, representing an increase of 15.75 percent.

This is due to strong, solid and well-balanced revenues generation across all businesses.

Net profit for the third quarter of 2015 has reached SR1,020 million, an increase of 10.15 percent compared to the same period of the previous year.

Total operating income during the first nine months of 2015 has also surged reaching SR4,757 million compared to SR4,366 million in the same period of 2014 with an increase of 8.96 percent. It reached SR1,588 million in Q3, an increase of 6.79 percent over the previous quarter of 2014.

Net special commission income rose to SR3,023 million, an increase of 6.18 percent compared to SR2,847 million for the same period last year.

In Q3 2015, the amount reached SR1,044 million an increase of 6.53 percent over the previous year third quarter.

Loans and advances portfolio reached SR123,972 million with growth slowing down on the back of seasonal effect and prudent risk policy representing an increase of 4.86 percent for the same period last year.

Customer deposits continued to grow amounting to SR143,876 million for the 9 months of 2015, a solid increase of 9.04 percent compared to the same period in 2014.

As a result, the earnings per share for nine months of 2015 amounted to SR2.56 compared to SR2.21 for the same period in 2014.

Patrice Couvegnes, managing director, said: “After positive momentum gathered in first and second quarters, BSF has delivered another set of solid results over the third quarter.”

Couvegnes said: “The bank benefited from the business momentum created by its cross-selling effort along with prudent and wel-controlled risk strategy. It is ahead of its medium term plan from a quantitative and qualitative point of view as it continues its transformation and modernization effort.”

He said: “BSF also continued to progressively reinforce its financial standing and ratios allowing the bank to be well positioned to support its clients in the coming years.”

Couvegnes thanked all BSF employees for this achievement and asked them to continue to make the “bank of excellence.”

Finally, he also thanked the bank’s customers for their continued trust and loyalty.

Banque Saudi Fransi won five prestigious awards this year, the most prestigious being the “Best Bank in Saudi Arabia for 2015” by the Banker magazine.