VOL. XLI

No. 16

20-April-1998

SAUDI ARABIA

BSF Prospers In 1997

Al-Bank al-Saudi al-Fransi (BSF), in which Banque Indosuez has a 40% stake, saw its1997 earnings increase by a third to SR401mn ($107mn). On the strength of the increase thedividend was increased to SR235mn ($63mn). In terms of asset quality non-performing loansremain high at SR785mn ($209mn), or 7% of gross loans and advances, but they are betterthan at year-end 1996, when BSF was hit by its exposure to Eurotunnel. Margins...