Higher operating costs have resulted in a 13.3 percent decrease in Banque Saudi Fransi’s (BSF) Q1 2013 net profit of SR 684 million compared to SR 789 million for Q1, 2012, according to the bank’s interim results for the three-month period ended March 31, posted on Tadawul website. The Q1 net profit also marked a 15.3 percent decrease compared to SR 808 million for Q4, 2012.
Total operating income for Q1, 2013 amounted to SR 1.21 billion compared to SR 1.22 billion for the same quarter last year with a decrease of 1.2 percent.
Net special commission income for Q1, 2013 amounted to SR 799 million compared to SR 802 million for the same quarter last year with a decrease of 0.4 percent.
Earnings per share for the first quarter of 2013 amounted to SR 0.76 against SR 0.87 for the corresponding period of the previous year.
Total Assets increased by 9.3 percent to SR 164 billion as at March 31, 2013 compared to SR 150 billion at the end of the first quarter of 2012. Investments increased by 55 percent and amounted to SR 31 billion as at March 31, 2013 compared to SR 20 billion as at March 31, 2012.
Loans and advances portfolio as at March 31, 2013 rose to SR 106 billion from SR 97 billion as at March 31, 2012, an increase of 9.3 percent. Customer deposits as at March 31, 2013 were SR 119 billion, representing a growth of 5.3 percent compared to SR 113 billion at the same point last year.
Banque Saudi Fransi net profit falls 13.3%
