Banque Saudi Fransi (BSF) announced a robust net profit continuing on the positive momentum recorded in the previous quarters achieving SR4.04 billion during the year ended Dec. 31, 2015, compared to SR3.52 billion in the year ended 2014 representing an increase of 14.79 percent.

Net profit for the fourth quarter of 2015 has reached SR950 million, an increase of 11.63 percent compared to the same period of the previous year.

Revenues were strong across 2015 reaching SR6.31 billion compared to SR5.79 billion for 2014, an increase of 8.73 percent.

Revenues were supported by Special Commission Income amounting to SR4.06 billion, compared to SR3.8 billion in 2014, an increase of 6.24 percent.

Loans and advances portfolio grew by 5.92 percent reaching SR123 billion at the end of 2015.

Customer deposits reached SR142 billion at the end of 2015, a decrease of 2.43 percent, compared to 2014 as BSF optimized its deposit mix.

As a result, the earnings per share for 2015 amounted to a sound SR3.35, compared to SR2.92 in 2014.

Commenting on the results, BSF Managing Director Patrice Couvegnes 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, which prepared the bank to a changing economic environment and the implementation of BSF Medium Term Plan 2014-2016 aimed at transforming BSF into a client focused relationship bank."

Very solid contribution from the different business lines supported by cross-selling efforts coupled with prudent risk management and continuous investment in people and infrastructure are at the heart of BSF’s business model driving the positive development seen in 2015.

The controlled development of the bank along with those strong results has also helped BSF to further reinforce its financial position.

This is providing a healthy base to confidently continue supporting our clients and to play the role of financier to the national economy now and into the future.

While BSF continues its modernization and transformation efforts, Couvegnes thanked all BSF employees for this achievement and asked them to continue to make day after day the Bank of Excellence. Finally, he also thanked the bank's customers for their continued trust and loyalty.

BSF won 5 awards last year, notably the Best Bank KSA for 2015 by the Banker Magazine.