JEDDAH: Banque Saudi Fransi (BSF) said its net profit dropped by 13 percent to SR3.51 billion last year from SR4.036 billion in 2015.
The bank posted a net profit of SR374 million for the fourth quarter of 2016 against SR950 million for the same period of 2015.
This decrease is due to a one-off credit event which has been fully provisioned at the end of 2016, according to a bank statement.
The bank’s revenues were solid across 2016 rising by 1.7 percent to SR6.4 billion from SR6.291 billion in 2015
The revenues were supported by a five percent increase in the bank’s special commission income to SR4.256 billion from SR4.055 billion in 2015.
Customer deposits saw an increase of 11.7 percent compared to 2015 as the bank maintained a solid liquidity profile.
The bank also announced that its board of directors has recommended a distribution of a final dividend of SR0.50 per share.
After factoring in the interim dividend of SR0.55 per share already paid in August, it represents a total dividend of SR1.05 per share for 2016, in line with the level distributed in 2015.
Managing Director Patrice Couvegnes said: “The bank has taken the position to fully clean up a one-off credit event over the fourth quarter. This conservative and protective measure has dented an otherwise solid set of results for 2016 achieved in a more challenging environment.”
He added: “This momentum coupled with strong fundamentals built progressively over the past years allowed BSF board to recommend full year dividend equal to the record level distributed in 2015. In 2017, BSF will continue moving forward opening up a new medium term-plan in tune with the transformation at play, embracing the Saudi Vision 2030 and digital bank opportunities.”
Couvegnes said: “The BSF will continue to play its key financial role in the local economy standing close to its corporate and individual clients and uphold its position as the bank of excellence.”
The bank posted a net profit of SR374 million for the fourth quarter of 2016 against SR950 million for the same period of 2015.
This decrease is due to a one-off credit event which has been fully provisioned at the end of 2016, according to a bank statement.
The bank’s revenues were solid across 2016 rising by 1.7 percent to SR6.4 billion from SR6.291 billion in 2015
The revenues were supported by a five percent increase in the bank’s special commission income to SR4.256 billion from SR4.055 billion in 2015.
Customer deposits saw an increase of 11.7 percent compared to 2015 as the bank maintained a solid liquidity profile.
The bank also announced that its board of directors has recommended a distribution of a final dividend of SR0.50 per share.
After factoring in the interim dividend of SR0.55 per share already paid in August, it represents a total dividend of SR1.05 per share for 2016, in line with the level distributed in 2015.
Managing Director Patrice Couvegnes said: “The bank has taken the position to fully clean up a one-off credit event over the fourth quarter. This conservative and protective measure has dented an otherwise solid set of results for 2016 achieved in a more challenging environment.”
He added: “This momentum coupled with strong fundamentals built progressively over the past years allowed BSF board to recommend full year dividend equal to the record level distributed in 2015. In 2017, BSF will continue moving forward opening up a new medium term-plan in tune with the transformation at play, embracing the Saudi Vision 2030 and digital bank opportunities.”
Couvegnes said: “The BSF will continue to play its key financial role in the local economy standing close to its corporate and individual clients and uphold its position as the bank of excellence.”
