Banque Saudi Fransi (BSF) has achieved a net income of SR1.5 billion in the first 6 months of 2008, which is SR90 millions more against the SR1.4 billion recorded during the first half of 2007 or 6.35 percent increase. Earnings per share was at SR2.68 against SR2.52. for the same period last year. Net special commission income increased by SR213 million (19.2% percent), reaching SR1.322 billion during the first half 2008 compared to SR1.109 billion during the first half 2007. Operating revenue in all of the bank's core lines of businesses increased and the total operating income for the first half of the year stood at SR2.103 billion representing a 12 percent growth compared to SR1.8 billion in the first half 2007 (+SR225 million). Total operating expenses have increased by 30 percent to SR598 million during the first half 2008 compared to SR460 million during the first half 2007 (with the increase of SR138 million, of which SR75 million was allocated to reserves which increased to SR87 million from SR12 million). Net profit for the second quarter of 2008 jumped by 6.33 percent at SR774.1 million compared to SR728 million in the second quarter 2007. Total assets increased by 32 percent to SR115 billion at the end of the first half 2008, compared to SR87 billion in the first half 2007. Loans increased by SR25 billion during the first half 2008 (49 percent). The total loans amounted to SR76 billion compared to SR51 billion in the first six months of 2007. Customer deposits increased by SR 20 billion (30.8 percent) from SR65 billion in the first half 2007 to SR85 billion in the first half of 2008.
