Banque Saudi Fransi (BSF) announced strong results with a net profit of SR1.08 billion for Q1, 2016, an increase of 2.67 percent against SR1.05 billion recorded for the same period of the previous year and a growth of 13.47 percent compared to Q4, 2015, which amounted to SR950 million.

The total profit from operations reached SR1.63 billion increasing by 2.58 percent against Q1, 2015. Those sustained revenues primarily came from net special commission income that rose faster than the average loan portfolio.

Assets stood at SR184.02 billion driven by the controlled rise in the portfolio of loans and advances, which amounted to SR124.98 billion, up 3.47 percent from what was achieved in the same period of the previous year. The customer deposits stood at SR141.82 billion.

As a result, earnings per share during Q1, 2016 amounted to 0.89 halala compared to 0.87 halala achieved in the same period of the previous year.

Patrice Couvegnes, MD, commented: “Continuing on the very positive momentum of 2015, BSF is launching well into 2016 with a very strong set of results for the first quarter driven by good revenues generation from business lines and a well-controlled cost of risk.

The ongoing redevelopment of our retail operations starts to yield results while constant focus on risk and reinforcement of prudential ratios is providing a very strong base to operate in an evolving economic environment.”

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 emphasized the ability of the bank to continue supporting the Kingdom’s economy and respond to its corporate and individual clients’ needs.