Banque Saudi Fransi said it has posted a SR1.47 billion net income for the six months to end-June 2010, up SR38 million or 2.7 percent against the net income for the same period in 2009.
Earnings per share reached SR2.03 for the six months compared with SR1.98 for the same period last year.
Total operating income for the six months ending June 2010 stood at SR2.23 billion compared with SR2.18 billion for the same period a year earlier, an increase of 2.4 percent.
BSF has posted a net income of SR757 million for the second quarter of 2010, an increase of SR65 million or 9.4 percent, compared to the second quarter of 2009.
BSF Chairman Ibrahim Al-Touq said the bank has managed to deliver positive growth across its operating activities. “The increase in customer deposits, stable net interest margin, growth in the noninterest income and controlled expense levels exhibit the strength of the bank amid a challenging environment,” he said.
Meanwhile, the National Commercial Bank (NCB), Saudi Arabia’s biggest bank by assets, announced a net income of SR2.64 billion for the first half of 2010, an increase of 18 percent over the first half results for 2009.
NCB Chairman Abdullah Bahamdan said the rising profitability affirms the bank’s ability to deploy effectively its funds and to diversify its sources of revenue.
He said the bank generated growth in its core activities to reach SR117 billion at June-end.
Also on Sunday, Alinma Bank announced interim financial results for the second quarter of 2010.
Net income for the second quarter 2010 fell 96 percent to SR3 million from SR68 million in second quarter 2009.
Total operating income for the second quarter amounted to SR174 million, compared with SR154 million for the same quarter of the previous year with an increase of 13 percent, the bank said in a statement. Net losses for the six months to June-end was SR72 million.
The bank attributed the decrease in net results compared to the previous year to a lower rate of return on investments and an increase in operating costs as a result of the actual launch of the bank’s activities and the establishment of new branches and ATMs.
