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.
| 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 | - |
| 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.
| 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 | - |
| 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.
| 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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