Banque Saudi Fransi (BSF) has announced a net Profit of 1,014 million Saudi riyals ($270.4 million) achieved in 2002, an increase of 20 percent over its 2001 results. BSF board of directors would recommend paying SR 10 dividends per share, according to Sheikh Ibrahim Abdulaziz Al-Touq, bank chairman.
He has also announced that BSF is presently working on securing an agreement from the Saudi Arabian Monetary Agency (SAMA) and the Ministry of Commerce and the Investment authority to increase BSF's capital from SR1,800 Million to SR 2,250 Million by granting one Share against four shares presently held.
Total Assets as of December 31, 2002, were in excess of SR44.7 billion ($11.9 billion), a 12 percent increase compared to 2001 level. Over the period, customer deposits grew by eight percent to reach SR36.3 billion ($9.7 billion) while Loans and Advances increased by 25 percent at SR21 billion ($5.6 billion)
During the year 2002, The bank launched its new corporate identity unveiling a modernized look for its brand. Banque Saudi Fransi is a Saudi Arabian Joint Stock Company established June 4, 1977. It is affiliated with Credit Agricole Indosuez (CAI), which holds a 31.1 percent equity interest. CAI is a member of the Credit Agricole Group, the largest retail bank in France, and among the world's top ten financial institutions by total equity.
Banque Saudi Fransi 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)
