Banque Saudi Fransi posts 12% rise in Q1 2022 net profit to SAR 875 mln

Banque Saudi Fransi (BSF) reported a 12% rise in Q1 2022 net profit to SAR 875 million, compared to SAR 780 million in the prior-year period.

The bank attributed the increase in net profit to better operating income – due to higher net special commission income, exchange income and other operating income – which was partially offset by lower net fee and commission income and trading income.

Total operating expenses also decreased primarily due to lower impairment charge for credit losses and other financial assets as well as a decline salaries and employee-related expenses.

On a sequential basis, net profit dropped 11.9% from SAR 993.27 million in Q4 2021.

Shareholders’ equity, after minority interest, edged up 0.6% to SAR 39.428 billion by the end of Q1 2022, from SAR 39.198 billion a year earlier.

BSF issued additional Tier 1 Sukuk worth SAR 5 billion, which were included in total shareholders’ equity.

Impairment charges for credit losses during the three-month period stood at SAR 275 million, compared to SAR 290 million in Q1 2021 and compared to SAR 168 million in Q4 2021.

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