JEDDAH — Banque Saudi Fransi (BSF), the lender part-owned by Credit Agricole, posted a 22.2 percent jump in its fourth-quarter net profit, citing higher operating income, it said in a bourse statement Monday. The lender's 2012 net profit was SR3 billion compared to SR2.9 billion in 2011. The Kingdom's fifth-largest bank by market capitalization said it made SR808 million ($215.5 million) in the three months ending December 31 compared with SR661 million in the same period a year earlier. Net income during 12 months of 2012 amounted to SR3.02 billion, an increase of 3.6 percent compared to SR2.91 billion for the same period last year. The reason for the increase in the net income for the 12 months ended December 31, 2012 and during 4th Quarter of 2012 compared to the same period last year and 3rd Quarter of 2012 is due to an increase in total operating income. Net income for 2012 amounted to SR808 million, an increase of 22.2 percent compared to SR661 million for the same period in 2011, and an increase of 22.1 percent compared to SR662 million for 3rd quarter of 2012. Total operating income for 4th Quarter of 2012 amounted to SR1,286 million, an increase of 16.1 percent compared to SR1.11 billion for 4th Quarter of 2011. Net special commission income for 4th Quarter of 2012 amounted to SR834 million, an increase of 6.5 percent compared to SR783 million for 4th Quarter of 2011. Total operating income during 12 months of 2012 amounted to SR5.01 billion, an increase of 9.3 percent compared to SR4.59 billion for the same period last year. Net special commission income during 12 months of 2012 amounted to SR3.31 billion, an increase of 5.4 percent compared to SR3.14 billion for the same period last year. Total assets increased by 12.9 percent which amounted to SR158 billion as of Dec. 31, 2012, compared to SR140 billion in the preceding year. Investments increased by 64.7 percent, amounting to SR28 billion from SR17 billion in the period under review. The loans and advances portfolio increased by 12 percent to reach SR103 billion from SR 92 billion in the said period. Customers deposits increased by 5.5 percent to reach SR116 billion from SR110 billion in the periods covered. The earnings per share for the 12 months of 2012 amounted to SR 3.34 compared to SR 3.22 for the same period last year. BSF's Chairman Dr. Saleh Al Omair said the bank has been able to improve its performance across its core business activities while working to enhance the confidence of the customers and adapt to their changing needs. — SG
