Banque Saudi Fransi posts lower net profit at SAR 684m in I1 of 2013

31/03/2013 Argaam Exclusive

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Share Price

Banque Saudi Fransi
36.90
0.30 0.82 %

Banque Saudi Fransi (BSFR)

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Banque Saudi Fransi, the 6th largest Saudi bank in terms of assets, reported SAR 684m net profit at the end of the first quarter of 2013, compared to SAR 789m in the same period last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2012 Q1 2013 Change‬
Net Special Commission Income 801.81 799.24 (0.3 %)
Operating Income 1,220.21 1,205.05 (1.2 %)
Debt Provisions (61.27) (127.84) (108.7 %)
Net Income 788.90 683.86 (13.3 %)
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 0.65 0.57 (13.3 %)

Balance Sheet (B)

Item 3m 2012 3m 2013 Change‬
Assets 150.48 163.99 9.0 %
Customer Deposits 112.60 119.26 5.9 %
Loan 97.48 105.81 8.5 %


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
Q1 2004 379.40 9.2 % 504.87 13.8 % (22.98) 23.7 % 330.16 22.1 % 0.27
Q2 2004 405.48 14.3 % 593.36 20.2 % (2.86) 90.5 % 431.29 36.1 % 0.36
Q3 2004 398.13 11.3 % 582.85 25.8 % (22.41) (0.6 %) 400.63 35.8 % 0.33
Q4 2004 407.09 10.7 % 579.74 24.3 % (19.35) (150.7 %) 373.85 23.5 % 0.31
Q1 2005 418.48 10.3 % 641.59 27.1 % (45.21) (96.8 %) 429.93 30.2 % 0.36
Q2 2005 419.22 3.4 % 786.48 32.5 % (35.33) (1,134.0 %) 574.32 33.2 % 0.48
Q3 2005 436.96 9.8 % 809.55 38.9 % (23.31) (4.0 %) 603.43 50.6 % 0.50
Q4 2005 431.11 5.9 % 856.01 47.7 % (31.01) (60.2 %) 607.93 62.6 % 0.50
Q1 2006 485.14 15.9 % 1,097.91 71.1 % (22.23) 50.8 % 881.67 105.1 % 0.73
Q2 2006 492.16 17.4 % 1,036.44 31.8 % (22.63) 36.0 % 803.73 39.9 % 0.67
Q3 2006 514.33 17.7 % 971.84 20.0 % (21.81) 6.4 % 739.36 22.5 % 0.61
Q4 2006 525.24 21.8 % 832.64 (2.7 %) (23.82) 23.2 % 582.18 (4.2 %) 0.48
Q1 2007 537.17 10.7 % 924.12 (15.8 %) (15.68) 29.5 % 689.63 (21.8 %) 0.57
Q2 2007 571.80 16.2 % 953.82 (8.0 %) 3.57 115.8 % 727.85 (9.4 %) 0.60
Q3 2007 578.10 12.4 % 896.38 (7.8 %) (10.75) 50.7 % 653.11 (11.7 %) 0.54
Q4 2007 602.33 14.7 % 920.14 10.5 % (19.15) 19.6 % 640.52 10.0 % 0.53
Q1 2008 702.60 30.8 % 1,034.18 11.9 % (20.89) (33.2 %) 732.48 6.2 % 0.61
Q2 2008 615.82 7.7 % 1,076.06 12.8 % (9.82) (375.3 %) 774.11 6.4 % 0.64
Q3 2008 684.13 18.3 % 1,136.15 26.7 % 15.29 242.2 % 727.74 11.4 % 0.60
Q4 2008 818.04 35.8 % 1,145.25 24.5 % (78.84) (311.7 %) 571.33 (10.8 %) 0.47
Q1 2009 767.49 9.2 % 1,078.23 4.3 % (46.13) (120.8 %) 740.75 1.1 % 0.61
Q2 2009 757.15 23.0 % 1,096.33 1.9 % (119.85) (1,120.3 %) 691.76 (10.6 %) 0.57
Q3 2009 757.65 10.7 % 1,057.16 (7.0 %) (57.57) (476.6 %) 714.32 (1.8 %) 0.59
Q4 2009 768.00 (6.1 %) 1,063.19 (7.2 %) (351.07) (345.3 %) 323.78 (43.3 %) 0.27
Q1 2010 723.08 (5.8 %) 1,072.06 (0.6 %) (53.89) (16.8 %) 713.64 (3.7 %) 0.59
Q2 2010 776.31 2.5 % 1,154.60 5.3 % (83.97) 29.9 % 756.90 9.4 % 0.63
Q3 2010 777.63 2.6 % 1,084.45 2.6 % (154.95) (169.2 %) 621.50 (13.0 %) 0.52
Q4 2010 788.84 2.7 % 1,084.12 2.0 % (46.53) 86.7 % 708.96 119.0 % 0.59
Q1 2011 757.46 4.8 % 1,150.27 7.3 % (22.22) 58.8 % 716.75 0.4 % 0.59
Q2 2011 788.65 1.6 % 1,162.67 0.7 % (23.46) 72.1 % 773.43 2.2 % 0.64
Q3 2011 808.30 3.9 % 1,164.10 7.3 % (56.48) 63.5 % 759.83 22.3 % 0.63
Q4 2011 782.65 (0.8 %) 1,107.74 2.2 % (55.75) (19.8 %) 660.93 (6.8 %) 0.55
Q1 2012 801.81 5.9 % 1,220.21 6.1 % (61.27) (175.7 %) 788.90 10.1 % 0.65
Q2 2012 843.93 7.0 % 1,282.80 10.3 % (141.65) (503.9 %) 757.21 (2.1 %) 0.63
Q3 2012 825.99 2.2 % 1,220.25 4.8 % (174.37) (208.7 %) 661.53 (12.9 %) 0.55
Q4 2012 834.04 6.6 % 1,286.30 16.1 % (77.89) (39.7 %) 807.50 22.2 % 0.67
Q1 2013 799.24 (0.3 %) 1,205.05 (1.2 %) (127.84) (108.7 %) 683.86 (13.3 %) 0.57

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2004 2.41 % 23.71 % 75.68 %
Q2 2004 2.63 % 26.28 % 74.47 %
Q3 2004 2.78 % 26.59 % 72.20 %
Q4 2004 2.71 % 29.07 % 70.33 %
Q1 2005 2.81 % 29.07 % 67.95 %
Q2 2005 2.96 % 31.28 % 63.42 %
Q3 2005 3.16 % 32.17 % 59.69 %
Q4 2005 3.48 % 34.89 % 55.14 %
Q1 2006 3.95 % 39.30 % 49.93 %
Q2 2006 4.09 % 41.34 % 48.56 %
Q3 2006 4.18 % 39.43 % 48.53 %
Q4 2006 4.09 % 36.25 % 51.20 %
Q1 2007 3.54 % 31.84 % 54.95 %
Q2 2007 3.37 % 30.82 % 58.35 %
Q3 2007 3.19 % 27.35 % 61.33 %
Q4 2007 3.02 % 26.26 % 61.97 %
Q1 2008 2.80 % 25.43 % 64.52 %
Q2 2008 2.77 % 25.18 % 63.64 %
Q3 2008 2.72 % 24.40 % 62.52 %
Q4 2008 2.49 % 22.19 % 64.23 %
Q1 2009 2.39 % 21.09 % 65.05 %
Q2 2009 2.30 % 20.06 % 67.93 %
Q3 2009 2.24 % 18.95 % 70.83 %
Q4 2009 2.01 % 16.59 % 71.02 %
Q1 2010 1.99 % 15.91 % 70.09 %
Q2 2010 2.06 % 15.81 % 69.59 %
Q3 2010 1.99 % 14.44 % 69.61 %
Q4 2010 2.30 % 16.61 % 69.75 %
Q1 2011 2.26 % 16.71 % 69.30 %
Q2 2011 2.22 % 15.95 % 69.45 %
Q3 2011 2.35 % 15.97 % 68.91 %
Q4 2011 2.21 % 15.46 % 68.42 %
Q1 2012 2.15 % 15.54 % 68.35 %
Q2 2012 2.11 % 14.90 % 67.79 %
Q3 2012 2.01 % 13.83 % 67.36 %
Q4 2012 2.02 % 14.24 % 65.99 %
Q1 2013 1.85 % 13.24 % 66.14 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2004 54.66 12.2 % 43.89 16.1 % 26.95 17.7 %
Q2 2004 53.70 8.0 % 43.83 16.9 % 28.49 25.3 %
Q3 2004 56.10 13.7 % 43.76 15.9 % 32.42 32.9 %
Q4 2004 59.67 11.5 % 47.70 11.9 % 34.46 29.0 %
Q1 2005 61.60 12.7 % 47.10 7.3 % 37.12 37.7 %
Q2 2005 66.31 23.5 % 50.45 15.1 % 37.75 32.5 %
Q3 2005 69.39 23.7 % 49.30 12.7 % 43.13 33.0 %
Q4 2005 67.50 13.1 % 51.09 7.1 % 42.98 24.7 %
Q1 2006 73.57 19.4 % 56.91 20.8 % 44.60 20.2 %
Q2 2006 75.45 13.8 % 56.92 12.8 % 46.41 22.9 %
Q3 2006 75.87 9.3 % 58.52 18.7 % 49.32 14.3 %
Q4 2006 79.58 17.9 % 62.00 21.3 % 51.13 19.0 %
Q1 2007 85.29 15.9 % 65.51 15.1 % 51.18 14.7 %
Q2 2007 87.22 15.6 % 65.22 14.6 % 50.94 9.8 %
Q3 2007 90.28 19.0 % 66.48 13.6 % 57.05 15.7 %
Q4 2007 99.81 25.4 % 74.01 19.4 % 59.85 17.1 %
Q1 2008 111.31 30.5 % 78.44 19.7 % 68.45 33.8 %
Q2 2008 115.15 32.0 % 85.38 30.9 % 76.05 49.3 %
Q3 2008 121.01 34.0 % 83.96 26.3 % 79.12 38.7 %
Q4 2008 125.86 26.1 % 92.79 25.4 % 80.87 35.1 %
Q1 2009 123.87 11.3 % 91.62 16.8 % 81.30 18.8 %
Q2 2009 122.82 6.7 % 90.31 5.8 % 81.38 7.0 %
Q3 2009 121.72 0.6 % 90.22 7.5 % 81.32 2.8 %
Q4 2009 120.57 (4.2 %) 91.24 (1.7 %) 78.32 (3.2 %)
Q1 2010 121.25 (2.1 %) 87.71 (4.3 %) 79.58 (2.1 %)
Q2 2010 120.56 (1.8 %) 92.23 2.1 % 81.94 0.7 %
Q3 2010 120.96 (0.6 %) 91.29 1.2 % 81.46 0.2 %
Q4 2010 123.22 2.2 % 93.53 2.5 % 80.98 3.4 %
Q1 2011 126.55 4.4 % 96.03 9.5 % 83.94 5.5 %
Q2 2011 133.74 10.9 % 99.71 8.1 % 85.20 4.0 %
Q3 2011 130.97 8.3 % 97.75 7.1 % 89.72 10.1 %
Q4 2011 140.48 14.0 % 109.96 17.6 % 92.33 14.0 %
Q1 2012 150.48 18.9 % 112.60 17.3 % 97.48 16.1 %
Q2 2012 147.09 10.0 % 108.94 9.3 % 100.52 18.0 %
Q3 2012 154.97 18.3 % 116.85 19.5 % 102.22 13.9 %
Q4 2012 157.78 12.3 % 115.57 5.1 % 102.79 11.3 %
Q1 2013 163.99 9.0 % 119.26 5.9 % 105.81 8.6 %

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
Q1 2004 80.30 % 49.31 % 61.41 %
Q2 2004 81.63 % 53.06 % 65.00 %
Q3 2004 77.99 % 57.79 % 74.09 %
Q4 2004 79.94 % 57.75 % 72.24 %
Q1 2005 76.47 % 60.26 % 78.80 %
Q2 2005 76.07 % 56.92 % 74.83 %
Q3 2005 71.05 % 62.16 % 87.48 %
Q4 2005 75.69 % 63.67 % 84.12 %
Q1 2006 77.36 % 60.62 % 78.36 %
Q2 2006 75.44 % 61.50 % 81.53 %
Q3 2006 77.13 % 65.00 % 84.28 %
Q4 2006 77.91 % 64.25 % 82.47 %
Q1 2007 76.81 % 60.01 % 78.12 %
Q2 2007 74.77 % 58.41 % 78.12 %
Q3 2007 73.64 % 63.19 % 85.81 %
Q4 2007 74.15 % 59.97 % 80.87 %
Q1 2008 70.46 % 61.49 % 87.27 %
Q2 2008 74.15 % 66.04 % 89.07 %
Q3 2008 69.38 % 65.38 % 94.23 %
Q4 2008 73.72 % 64.25 % 87.15 %
Q1 2009 73.97 % 65.63 % 88.73 %
Q2 2009 73.53 % 66.26 % 90.11 %
Q3 2009 74.12 % 66.81 % 90.14 %
Q4 2009 75.67 % 64.95 % 85.84 %
Q1 2010 72.34 % 65.63 % 90.73 %
Q2 2010 76.50 % 67.96 % 88.84 %
Q3 2010 75.47 % 67.34 % 89.23 %
Q4 2010 75.91 % 65.72 % 86.58 %
Q1 2011 75.89 % 66.33 % 87.41 %
Q2 2011 74.55 % 63.71 % 85.45 %
Q3 2011 74.64 % 68.50 % 91.78 %
Q4 2011 78.28 % 65.72 % 83.96 %
Q1 2012 74.83 % 64.78 % 86.57 %
Q2 2012 74.07 % 68.34 % 92.27 %
Q3 2012 75.40 % 65.96 % 87.48 %
Q4 2012 73.25 % 65.15 % 88.94 %
Q1 2013 72.72 % 64.52 % 88.73 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2004 1,205.36 1.03 1.03 - 4.51
Q2 2004 1,205.36 1.13 1.13 - 4.39
Q3 2004 1,205.36 1.22 1.22 - 4.77
Q4 2004 1,205.36 1.27 1.27 - 4.58
Q1 2005 1,205.36 1.36 1.36 - 4.83
Q2 2005 1,205.36 1.48 1.48 - 5.05
Q3 2005 1,205.36 1.64 1.64 - 5.45
Q4 2005 1,205.36 1.84 1.84 - 5.96
Q1 2006 1,205.36 2.21 2.21 - 6.44
Q2 2006 1,205.36 2.40 2.40 - 6.58
Q3 2006 1,205.36 2.52 2.52 - 7.31
Q4 2006 1,205.36 2.49 2.49 - 7.80
Q1 2007 1,205.36 2.34 2.34 - 8.23
Q2 2007 1,205.36 2.27 2.27 - 8.17
Q3 2007 1,205.36 2.20 2.20 - 8.78
Q4 2007 1,205.36 2.25 2.25 - 9.33
Q1 2008 1,205.36 2.28 2.28 - 9.74
Q2 2008 1,205.36 2.32 2.32 - 10.29
Q3 2008 1,205.36 2.39 2.39 - 10.77
Q4 2008 1,205.36 2.33 2.33 - 11.65
Q1 2009 1,205.36 2.33 2.33 - 12.41
Q2 2009 1,205.36 2.27 2.27 - 12.30
Q3 2009 1,205.36 2.26 2.26 - 13.03
Q4 2009 1,205.36 2.05 2.05 - 13.05
Q1 2010 1,205.36 2.03 2.03 - 13.08
Q2 2010 1,205.36 2.08 2.08 - 14.02
Q3 2010 1,205.36 2.00 2.00 - 14.74
Q4 2010 1,205.36 2.32 2.32 - 14.94
Q1 2011 1,205.36 2.33 2.33 - 14.76
Q2 2011 1,205.36 2.34 2.34 - 15.33
Q3 2011 1,205.36 2.45 2.45 - 16.01
Q4 2011 1,205.36 2.42 2.42 - 16.31
Q1 2012 1,205.36 2.47 2.47 - 17.08
Q2 2012 1,205.36 2.46 2.46 - 17.71
Q3 2012 1,205.36 2.38 2.38 - 18.41
Q4 2012 1,205.36 2.50 2.50 - 18.82
Q1 2013 1,205.36 2.41 2.41 - 19.38

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2004 16.20 16.20 3.71
Q2 2004 16.06 16.06 4.13
Q3 2004 17.82 17.82 4.54
Q4 2004 22.69 22.69 6.32
Q1 2005 25.84 25.84 7.26
Q2 2005 31.06 31.06 9.08
Q3 2005 28.85 28.85 8.71
Q4 2005 27.43 27.43 8.46
Q1 2006 25.45 25.45 8.75
Q2 2006 19.70 19.70 7.20
Q3 2006 16.43 16.43 5.65
Q4 2006 15.50 15.50 4.96
Q1 2007 14.15 14.15 4.01
Q2 2007 12.74 12.74 3.54
Q3 2007 15.97 15.97 4.00
Q4 2007 24.03 24.03 5.80
Q1 2008 16.91 16.91 3.97
Q2 2008 15.43 15.43 3.48
Q3 2008 13.61 13.61 3.01
Q4 2008 9.05 9.05 1.81
Q1 2009 11.10 11.10 2.09
Q2 2009 10.67 10.67 1.97
Q3 2009 11.97 11.97 2.07
Q4 2009 11.91 11.91 1.87
Q1 2010 13.91 13.91 2.16
Q2 2010 12.45 12.45 1.85
Q3 2010 14.28 14.28 1.94
Q4 2010 11.54 11.54 1.80
Q1 2011 12.43 12.43 1.96
Q2 2011 11.36 11.36 1.73
Q3 2011 9.48 9.48 1.45
Q4 2011 10.46 10.46 1.55
Q1 2012 12.03 12.03 1.74
Q2 2012 10.18 10.18 1.41
Q3 2012 9.80 9.80 1.27
Q4 2012 8.82 8.82 1.17
Q1 2013 9.48 9.48 1.18

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Investment Banking and Brokerage
Q1 2004 203.39 152.67 148.82 -
Q2 2004 239.10 166.20 188.07 -
Q3 2004 261.18 169.42 152.25 -
Q4 2004 240.63 178.49 160.63 -
Q1 2005 283.32 171.52 186.76 -
Q2 2005 403.36 196.08 187.04 -
Q3 2005 443.93 197.94 167.68 -
Q4 2005 536.62 197.91 121.48 -
Q1 2006 672.81 248.75 176.35 -
Q2 2006 633.54 230.76 172.14 -
Q3 2006 544.59 238.10 189.14 -
Q4 2006 410.69 261.19 160.76 -
Q1 2007 439.52 266.97 217.63 -
Q2 2007 426.70 300.80 226.32 -
Q3 2007 397.98 298.24 206.85 -
Q4 2007 (67.89) 328.15 173.43 479.77
Q1 2008 312.18 385.69 250.05 86.25
Q2 2008 331.21 412.43 266.82 65.60
Q3 2008 316.63 384.30 388.29 46.94
Q4 2008 290.00 422.72 388.73 43.80
Q1 2009 320.74 489.90 226.82 40.77
Q2 2009 340.57 487.33 206.22 62.22
Q3 2009 331.68 502.37 188.58 34.54
Q4 2009 317.41 501.17 206.70 37.92
Q1 2010 331.34 480.68 229.08 30.96
Q2 2010 347.52 527.15 243.00 36.93
Q3 2010 330.04 517.53 212.67 24.21
Q4 2010 340.61 511.65 206.29 25.57
Q1 2011 367.46 530.56 217.35 34.90
Q2 2011 381.72 543.18 170.88 66.89
Q3 2011 402.17 566.50 157.05 38.38
Q4 2011 405.85 514.09 126.89 60.91
Q1 2012 358.44 567.86 197.30 96.61
Q2 2012 363.63 590.66 233.87 94.64
Q3 2012 349.45 572.22 205.98 92.59
Q4 2012 343.54 606.64 283.57 52.55
Q1 2013 356.29 629.23 149.70 69.83


Financial Ratios
Current
Market Cap (M Riyal) 44,479.26
Shares Outstanding ((M)) 1,205.40
EPS ( Riyal) (TTM) 3.56
EPS Diluted ( Riyal) (TTM) 3.39
Book Value (BV) ( Riyal) 30.64
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 10.35
P/E (TTM) 10.35
Price/book 1.20
Return on Average Assets (%) (TTM) 1.7
Return on Average Equity (%) (TTM) 12.0
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