BSF H1 2023 profit up 26% to SAR 2.15 bln; Q2 at SAR 1.07 bln

Banque Saudi Fransi (BSF) reported a 26% increase in H1 2023 net profit to SAR 2.15 billion, compared to SAR 1.71 billion in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Net Special Commission Income	2,931.31	3,899.47	33.0 %
Operating Income	3,691.40	4,665.42	26.4 %
Total Provisions	(539.71)	(912.06)	(69.0 %)
Net Income	1,711.59	2,149.76	25.6 %
Average Shares	1,205.36	1,205.36	0.0 %
EPS (Riyals)	1.42	1.78	25.6 %
EPS Diluted (Riyals)	1.33	1.70	27.8 %

The bank attributed the profit growth to an increase of 26.39% in total operating income, which was partially offset by a rise of 27.09% in total operating expenses.

The increase in total operating income was mainly driven by higher net special commission income and exchange income, which were partially offset by a reduction in trading income.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Net Special Commission Income	1,516.47	1,975.51	30.3 %
Operating Income	1,870.36	2,347.34	25.5 %
Debt Provisions	(294.82)	(427.01)	(44.8 %)
Net Income	837.02	1,073.35	28.2 %
Average Shares	1,205.36	1,205.36	0.0 %
EPS (Riyals)	0.69	0.89	28.2 %
EPS Diluted (Riyal)	0.65	0.85	30.8 %

Item	Q1 2023	Q2 2023	Change‬
Net Special Commission Income	1,923.96	1,975.51	2.7 %
Operating Income	2,318.08	2,347.34	1.3 %
Debt Provisions	(485.05)	(427.01)	12.0 %
Net Income	1,076.40	1,073.35	(0.3 %)
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	0.89	0.89	(0.3 %)
EPS Diluted (Riyal)	0.85	0.85	0.0 %

The second-quarter net profit leapt 28% to SAR 1.07 billion from SAR 837 million in Q2 2022, thanks to an increase of 25.51% in total operating income, which was partially offset by a 22.50% rise in total operating expenses.

Compared with the previous quarter, Q2 2023 net profit fell 0.3% from SAR 1.07 billion.

Balance Sheet (B)

Item	6m 2022	6m 2023	Change‬
Assets	231.27	245.72	6.2 %
Customer Deposits	157.92	161.16	2.1 %
Loan	159.62	169.70	6.3 %

Shareholders’ equity, after minority interest including sukuk, increased to SAR 39.69 billion by the end of H1 2023 from SAR 37.74 billion a year earlier.

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Share Price

Banque Saudi Fransi (BSF)

	Current
Market Cap (M Riyal)	37,849.56
Shares Outstanding ((M))	1,205.40
EPS ( Riyal) (TTM)	3.53
EPS Diluted ( Riyal) (TTM)	3.35
Book Value (BV) ( Riyal)	31.62
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	8.90
P/E (TTM)	8.90
Price/book	0.99
Return on Average Assets (%) (TTM)	1.6
Return on Average Equity (%) (TTM)	11.8

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BSF H1 2023 profit up 26% to SAR 2.15 bln; Q2 at SAR 1.07 bln

Financials (M)

Current Quarter Comparison (M)

Balance Sheet (B)

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Share Price

Banque Saudi Fransi (BSF)

Financial Ratios

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