Banque Saudi Fransi’s profit rises 4% to SAR 3.57 bln; Q4 falls to SAR 902.7 mln

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.

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.

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.

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