BSF's net income soars by 32 per cent to SR 1 billion for H1 of 2005

The earnings per share were recorded at SR 22.3 as against SR 16.9 over the same period during last year.

The net income from commissions for the current period rose to SR 837.7 Million with an increase of 6.7% whereas the income from banking services grew substantially to SR 412.1 Million with an increase of 97% from same period last year. Profits from exchange income, trading income and investment portfolio reached SR 173.9 Million.

The Balance Sheet highlighted the growth of bank's assets which increased by SR 12.6 Billion reaching SR 66.3 Billion as of 30 June 2005 - an increase of 23.5% compared to last year. At the same time, the Bank's loans and advances portfolios swelled to SR 37.7 Billion corresponding to a 32.5% growth.

Customer deposits increased by SR 6.6 Billion, reaching SR 50.4 Billion, with an increase of 15% over the same period last year.

The Board of Directors recommended a half yearly dividend of SR 8 per share.

Commenting on the results, BSF Chairman, Sheikh Ibrahim Al-Touq said: "The excellent results have been achieved through a sustained momentum witnessed across all business lines of the Bank." He also commended the staff and management in achieving these goals that constituted an important milestone in BSF history.