Saudi-Fransi’s midyear net income up 16 percent
Banque Saudi Fransi (BSF) announced a 16 percent increase in net income for the first half period of 2003 reaching 587.4 million Saudi riyals ($156.6 million), as compared to the results of the same period 2002.
The bank’s total assets increased by 11 percent to SR49.7 billion and loans and investment portfolios rose by 14 percent and eight percent respectively. Customer deposits showed steady expansion reaching a level of SR37.5 billion.
The board of directors recommended the distribution of a net dividend to Saudi shareholders of SR7.5 per share for the first- half 2003.
Commenting on the midyear 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."
BSF provides all types of commercial-banking, investment and treasury services to both domestic and international customers. It operates through specialized lines of business based at its head office, at its three regional offices in Jeddah, Riyadh and Al-Khobar, and through 57 branches located in the major cities of the Kingdom. — (menareport.com)
© 2003 Mena Report (www.menareport.com)