Banque Saudi Fransi declares SR741m net income for Q1 2009

This represents an increase of 30.0% over last quarter of 2008 results and 1.2% over first quarter of 2008 net profits.

The earnings per share were recorded at SR1.32 for the first quarter of 2009 against SR1.30 for the same period during last year.

Net special commission income has grown by SR65m (9.2%) from first quarter of 2008 levels to SR767m at the end of Q1 2009.

Total operating income for first quarter 2009 is SR1,079m i.e. SR45m higher compared to SR1.034m in the same period of 2008. Total operating expenses for first quarter of 2009 amounted to SR339m compared to SR306m in the same period of 2008 with the increase of SR33m (+10.89%).

The balance sheet of the bank continued to grow at a steady rate. Total assets of the bank stand at SR124bn at the end of first quarter of 2009 compared to SR111bn at the end of the same period of 2008; thereby recording a growth of 11.7%.

Loans portfolio rose by SR12.8bn to SR81.3bn in first quarter of 2009 compared to SR68.5bn in the same period of 2008 (+18.8%) and Customers Deposits increased from SR78.4bn in first quarter of 2008 to SR91.6bn in the same period of 2009 with the increase of SR13.2bn (+16.8%).

Mr. Ibrahim Al Touq, BSF's Chairman, said that the bank has performed well and posted good results despite the difficult Market condition in the context of the world economic crisis. He said BSF will continue to expand on its core businesses through various banking products and services.

As demonstrated in this first quarter results, the Bank is capable to continue growing and generate sound revenues without compromising on its risks criteria.

Ibrahim Al Touq mentioned that the Bank is adequately capitalized and geared at developing more fee-based business in order to preserve its risk profile and its revenue generation.

Amid the arduous times, from an overall point of view, the bank's growth is perceived to be based on strong foundations and it is expected to yield continued and sustained growth in the years to come.