Banque Saudi Fransi 2023 profit up 18% to SAR 4.22B; Q4 at SAR 827M

05/02/2024 Argaam Exclusive

Banque Saudi Fransi (BSF) reported a net profit of SAR 4.22 billion for 2023, an increase of 18% from SAR 3.57 billion in the year before.



Financials (M)

Item 2022 2023 Change‬
Net Special Commission Income 6,426.55 7,835.20 21.9 %
Operating Income 8,017.28 9,323.99 16.3 %
Total Provisions (1363.94) (1668.82) (22.4 %)
Net Income 3,575.13 4,222.73 18.1 %
Average Shares 1,205.36 1,205.36 0.0 %
EPS (Riyals) 2.97 3.50 18.1 %
EPS Diluted (Riyals) 2.79 3.33 19.4 %

Net special commission income rose by 21.9% year-on-year (YoY). This was mainly driven by higher returns from financing and investments, partially offset by an increase in special commission expenses.

 

Net income grew due to a 16.30% YoY rise in gross operating income, which was partially offset by a 15.02% YoY hike in total operating expenses.

 

BSF reported an 8% decline in Q4 2023 net profit to SAR 827 million, from SAR 903 million a year earlier.

 

Net profit also dropped 33.6% quarter-on-quarter from SAR 1.24 billion in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Net Special Commission Income 1,778.56 1,867.74 5.0 %
Operating Income 2,242.83 2,190.94 (2.3 %)
Debt Provisions (474.73) (405.97) 14.5 %
Net Income 902.68 827.48 (8.3 %)
Average Shares 1,205.36 1,205.36 0.0 %
EPS (Riyals) 0.75 0.69 (8.3 %)
EPS Diluted (Riyal) 0.71 0.64 (9.9 %)

Balance Sheet (B)

Item 2022 2023 Change‬
Assets 232.08 253.38 9.2 %
Customer Deposits 157.59 172.21 9.3 %
Loan 159.01 179.39 12.8 %

Shareholders’ equity, excluding minority interest and after deducting sukuk, rose to SAR 36.12 billion as of Dec. 31, 2023, from SAR 33.74 billion a year earlier.

 

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Share Price

Banque Saudi Fransi
32.90
(0.20) (0.60 %)

Banque Saudi Fransi (BSF)

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Financial Ratios
Current
Market Cap (M Riyal) 39,657.66
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) 9.32
P/E (TTM) 9.32
Price/book 1.04
Return on Average Assets (%) (TTM) 1.6
Return on Average Equity (%) (TTM) 11.8
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