RIYADH: Banque Saudi Fransi (BSF) announced its year end financial results for the period ended Dec. 31, 2012. Net income during 12 months of 2012 amounted to SR 3.012 billion, an increase of 3.6 percent compared to SR 2.91 billion for the same period last year.

Fourth quarter net income for 2012 amounted to SR 808 million, an increase of 22.2 percent compared to SR 661 million for the same period in 2011, an increase of 22.1 percent compared to SR 662 million for third quarter of 2012.

Total Operating Income for 4th quarter of 2012 amounted to SR 1,.29 billion, an increase of 16.1 percent compared to SR 1.1 billion for Q4, 2011.

Net special commission income for Q4, 2012 amounted to SR 834 million, an increase of 6.5 percent compared to SR 783 million for Q4 2011.

Total operating income during 12 months of 2012 amounted to SR 5,010 million, an increase of 9.3 percent compared to SR 4.59 billion for the same period last year.

Net special commission income during 12 months of 2012 amounted to SR 3.31 billion, an increase of 5.4 percent compared to SR 3.14 billion for the same period last year.

Total Assets increased by 12.9 percent, which amounted to SR 158 billion as at Dec. 31, 2012, compared to SR 140 billion as at Dec. 31, 2011. Investments increased by 64.7 percent to SR 28 billion as at Dec. 31, 2012 compared to SR 17 billion as at Dec. 31, 2011. The loans and advances portfolio increased by 12 percent to reach SR 103 billion as at Dec. 31, 2012 compared to SR 92 billion as at Dec. 31, 2011. Customers deposits increased by 5.5 percent to reach SR 116 billion as at Dec. 31, 2012 compared to SR 110 billion as at Dec. 31, 2011.

The earnings per share for the twelve months of 2012 amounted to SR 3.34 compared to SR 3.22 for the same period last year. Earnings per share for the twelve months ended Dec. 31, 2011 was recalculated to reflect the increase in the bank’s share capital from 723.2 million shares to 904.0 million shares, which was approved during the extraordinary general assembly meeting on April 7, 2012.

The reason for the increase in the net income for the twelve months ended Dec. 31, 2012 and during Q4, 2012 compared to the same period last year and Q3, 2012 is due to an increase in total operating income.

BSF’s Chairman Saleh Al-Omair expressed his satisfaction with the positive results achieved by the bank despite the challenging market environment, stating that the bank has been able to improve its performance across its core business activities while working to enhance the confidence of the customers and adapt to their changing needs.

Patrice Couvegnes, BSF’s managing director, uttered his confidence in the bank’s potential to pursue more progress in the future through increasing the volume of its business and diversify its services to a wider client base. He thanked the BSF staff for their hard work and commitment and encourages a further dedication toward achieving the goals of stakeholders. He also thanked the customers for their confidence and loyalty reposed in BSF.