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Banque Saudi Fransi net profit up 25%

Banque Saudi Fransi achieved a net profit for the first quarter of the year 2014 in the amount of SR856 million compared to SR684 million for the same period of the previous year, an increase of 25.15 percent, and an increase of 212.41 percent over the last quarter of 2013 which amounted to SR274 million.
The total profit from operations amounted to SR1,401 million.
Net special commission income is SR897 million as assets amounted to 184,276 million driven by the rise in the portfolio of loans and advances, which amounted to 114,835 million, up 8.52 percent from what was achieved in the same period of the previous year.
The customer deposits amounted to 137,906 million, up by 15.63 percent from the same period of the previous year. As a result, earnings per share during the first quarter of 2014 amounted to 0.95 compared to 0.76 achieved in the same period of the previous year.
The reason for the rise in the results of the first quarter 2014 are the increase in total operating income, the recovery as expected after clean-up exercise conducted over the last quarter of 2013 as the cost of risk normalized in line with prudent risk policy, revenues generation (+16.3 percent vs 1Q13 and +9.4 percent vs 9.4 percent) supported by improved margins and good contribution from different business lines, and overall, strong quarterly results which are supporting the launch of BSF medium term plan 2014-2016 “bank of excellence.”
Commenting on the results Saleh Al-Omair, chairman of the board of directors, expressed satisfaction with the positive results achieved by the bank, noting the ability of the bank to improve its performance and to raise the confidence of its clients and to respond to the ongoing needs.
Patrice Couvegnes, managing director is pleased of these results, and thanked the bank employees for their commitment and urged them to continue to work hard to achieve the objectives of the Banque of Excellence, also thanked the bank’s customers for their trust and loyalty.