Banque Saudi Fransi (BSF) reported a net profit of SAR 3.57 billion for 2022, an increase of 4%, from SAR 3.44 billion in the year-earlier period.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 5,698.65 | 6,426.55 | 12.8 % |
| Operating Income | 7,127.93 | 8,017.28 | 12.5 % |
| Total Provisions | (961.43) | (1363.94) | (41.9 %) |
| Net Income | 3,449.88 | 3,575.13 | 3.6 % |
| Average Shares | 1,205.36 | 1,205.36 | - |
| EPS (Riyals) | 2.86 | 2.97 | 3.6 % |
| EPS Diluted (Riyals) | 2.70 | 2.79 | 3.3 % |
The higher profit was driven mainly by a 12.47% rise in total operating income, which was partly offset by an increase in total operating expenses by 21.97%.
The bank also reported a higher net special commission income, exchange income, and trading income, partially offset by a decline in gains on fair value through other comprehensive income (FVOCI) and non-trading investments.
Moreover, the increase in total operating expenses was mainly due to higher impairment charges for credit losses, salaries, employee-related expenses, and general and administrative expenses.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,332.10 | 1,778.56 | 33.5 % |
| Operating Income | 1,724.70 | 2,242.83 | 30.0 % |
| Debt Provisions | (167.96) | (474.73) | (182.7 %) |
| Net Income | 993.27 | 902.68 | (9.1 %) |
| Average Shares | 1,205.36 | 1,205.36 | - |
| EPS (Riyals) | 0.82 | 0.75 | (9.1 %) |
| EPS Diluted (Riyal) | 0.78 | 0.71 | (9.0 %) |
BSF reported a 9% decline in Q4 2022 net profit to SAR 902.68 million from SAR 993.27 million a year earlier.
Net profit fell 6.1% from SAR 960.87 million in Q3 2022.
Shareholders’ equity, no minority interest after excluding sukuk, declined to SAR 33.74 billion as of Dec. 31, 2022, from SAR 34.68 billion a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Assets | 215.80 | 232.08 | 7.5 % |
| Customer Deposits | 141.95 | 157.59 | 11.0 % |
| Loan | 147.81 | 159.01 | 7.6 % |
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