RIYADH, 31 January 2003 — Banque Saudi Fransi has reported a net profit of SR1.014 billion ($270.4 million) for 2002, an increase of 20 percent over the previous year.
In a statement issued here, Ibrahim A. Al-Touq, chairman of BSF, said the board of directors would recommend a dividend of SR10 per share.
He also announced that BSF is seeking the approval of the Saudi Arabian Monetary Agency (SAMA), the Ministry of Commerce, and the Saudi Arabian General Investment Authority (SAGIA) to increase BSF’s capital from SR1.8 billion to SR2.25 billion by granting one share against four held presently.
The bank’s total assets as of Dec. 31 last year were in excess of SR44.7 billion, representing a 12 percent increase compared to the 2001 level. Customer deposits surged by eight percent to reach SR36.3 billion, while loans and advances increased by 25 percent at SR21 billion. During the year under review, the bank launched its new corporate identity campaign and sought to give a new look to its brand products.
