RIYADH: BSF has posted a net income of SR2.24 billion for the nine months of 2008. This is SR165 million or 8 percent more than the net income of SR2.07 billion posted for the same period last year.
For the nine months of 2008, in terms of the core income, BSF’s net special commission was SR2 billion witnessing a robust 18.9 percent surge from the same period of 2007. It was recorded at SR1.69 billion during the nine months of 2007.
During Q3 of 2008, net special commission income increased by SR106 million compared to the same period of 2007. The earning per share stands at SR3.97 against SR3.68 for the same period last year.
There was a significant favorable movement in operating revenue from all of the bank’s core businesses. Its total operating income for the nine months of the year stands at SR3.24 billion, representing a 16.6 percent growth compared to SR2.78 billion during the same period of 2007.
The total operating income of SR1.13 billion has been achieved during Q3 of 2008 compared to the SR896 million for the same period of 2007.
Its total operating expenses excluding the provisions increased by SR98 million,reaching SR786 million at the end of nine months of 2008 compared to the SR688 million during the same period last year.
The bank posted a net profit of SR729 million for Q3 of 2008 compared to the SR653 million for the same period of 2007, which was a positive growth of 11.6 percent.
BSF Chairman Ibrahim Al-Touq expressed his pleasure over the sustained efforts of the bank to manage its business performance and risks. “BSF continues to focus on its strategic priorities for both the medium and long term periods, in order to maximize its growth and further enhance its position among its peers,” he added.
