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

25/07/2023 Argaam Exclusive

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 %

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
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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