BSF posts SR3.14bn net profit for first 9 months

Bank Saudi Fransi (BSF) has announced a robust net profit of SR3.14 billion at the end of Q3, 2016, compared to SR3.09 billion in the similar period for the previous year, representing an increase of 1.62 percent. 
This is attributed to solid and well-balanced revenues generation across all businesses, the bank stated, adding that the financial result is continuing on the positive momentum recorded in 2015 and the first half of 2016, ahead of its medium term plan targets. 
Net profit for Q3, 2016 reached SR1.01 billion, a decrease of 0.98 percent compared to the same period of the previous year primarily on seasonal effect.
Total operating income during the first nine months of 2016 increased to SR4.85 billion compared to SR4.76 billion in the same period of 2015, a growth of 1.85 percent, while reaching SR1.62 billion in Q3, an increase of 1.76 percent over the same quarter for 2015.
Net special commission income rose to SR3.24 billion, an increase of 7.15 percent compared to SR3.02 billion for the same period last year. In Q3, 2016, the amount reached SR1.14 billion, an increase of 8.81 percent over the previous year third quarter.
Net special commission income were fed by a sustained growth in loans and advances portfolio reaching SR133.94 billion representing an increase of 7.66 percent for the same period last year.
Customer deposits are standing at SR147.28 billion for the 9 months of 2016, a fair increase of 2.31 percent compared to the same period in 2015.
As a result, the earnings per share for nine months of 2016 amounted to SR2.60, compared to SR2.56 for the same period in 2015.
Bank’s MD Patrice Couvegnes said: “BSF has delivered a solid set of results for Q3, 2016, adjusting well to changing market conditions. The bank continued to play its financing role with a meaningful increase in its loan book since the beginning of the year as BSF supports its corporate and individual clients and the on-going economic initiatives.”

Source: Arab News