Banque Saudi Fransi posts SR2,236m net income for the nine months of 2008

For the nine months of 2008, in terms of the core income, BSF's Net special commission was SR2,006m witnessing a robust 18.9% surge from similar period of 2007. It was recorded at SR 1,687 Million during the nine months of 2007. During the third quarter of 2008, Net Special Commission income increased by SR106m (+18.3%) compared to the same period of 2007. The earnings 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 our core businesses. The total operating income for the nine months of the year stands at SR3,236m representing a 16.6% growth (+462m)compared to the SR 2,774m during the same period of 2007. The total operating income of SR1,133m has achieved during the third quarter of 2008 compared to the SR896m for same period of 2007 (+26.4%).

Total operating expenses excluding the provisions have increased by SR98m (+14.2%), reaching SR786m at the end of nine months of 2008 compared to the SR688m during the same period last year.

Net profit of SR729m has posted for the third quarter of 2008 compared to the SR653m for the same period of 2007, which was a positive growth of 11.6%.

Total assets of the bank have increased from end of third quarter 2007 to end of third quarter 2008 by SR31bn translating into a 34% jump, amounted to SR121bn compared to the SR90bn at the end of same period last year. Total loans has reached to SR79bn compared to SR57bn at the end of nine months of 2007.Customer deposits too have shown a very healthy growth of 27.3% to SR84bn, from SR66bn for the same period last year.

BSF Chairman, Sheikh Ibrahim Al-Touq has commented on the results stating his pleasure at the sustained efforts of the bank to manage its business performance and risks.BSF continues to focus on its strategic priorities for the medium and long term, in order to maximize its growth and further enhance its position among its peers.

Sheikh Ibrahim Al-Touq concluded its statement by thanking the staff and customers for their loyalty and dedication to BSF.