Banque Saudi Fransi (BSF) announced solid results with a net profit of SR1.05 billion for the first quarter of 2015, compared to SR856 million for the same period of the previous year, an increase of 22.66 percent, and an increase of 23.38 percent over the last quarter of 2014, which amounted to SR851 million.

The total profit from operations reached SR1.59 billion. Net special commission income is SR963 million, as assets increased to SR193.88 billion driven by the rise in the portfolio of loans and advances, which amounted to SR120.37 billion, up 4.82 percent from what was achieved in the same period of the previous year.

The customer deposits stood at SR150.15 billion, up by 8.88 percent from the same period of the previous year.

As a result, earnings per share during the first quarter of 2015 amounted to 0.87 compared to 0.71 achieved in the same period of the previous year.

Patrice Couvegnes, MD, commented: “Continuing on the positive momentum of 2014, BSF is launching well into 2015 with a very solid set of results for the first quarter driven by good revenues generation from business lines and a well-controlled cost of risk.”

He added: “The transformation plan launched through the Medium Term Plan 2014-2016 — Bank of Excellence — is bearing fruit ensuring a healthy and diversified growth of the bank’s activities along with an in-depth modernization of its operations and development of its staff.”

Couvegnes finally emphasized the ability of the bank to continue supporting Saudi Arabia’s economy and respond to its corporate and individual client’s needs.