BSF's 2024 profit rises 8% to SAR 4.54B; Q4 at SAR 1.12B

29/01/2025 Argaam Exclusive

Banque Saudi Fransi (BSF) reported a net profit of SAR 4.54 billion for 2024, an increase of 7.6% from SAR 4.22 billion in the year before.



Financials (M)

Item 2023 2024 Change‬
Net Special Commission Income 7,835.20 7,883.00 0.6 %
Operating Income 9,323.99 9,658.00 3.6 %
Total Provisions (1594.00) (1180.00) 26.0 %
Net Income 4,222.73 4,544.00 7.6 %
Average Shares 2,500.00 2,500.00 -
EPS (Riyals) 1.69 1.82 7.6 %
EPS Diluted (Riyals) 1.61 1.72 7.1 %

The profit growth was driven by a leap of 23.9% year-on-year (YoY) in gross special commission income due to higher returns from financing and investments. Net special commission income also increased by 0.6% YoY.

 

Total operating income increased by 3.6% YoY, while total operating expenses fell by 0.6%.

 

Net impairment charges for financing and other financial assets decreased by 26% due to lower impairment charges on loans and advances by 31.5%, which was partially offset by higher impairment charges for other financial assets.

 

BSF reported a 35% leap in Q4 2024 net profit to SAR 1.12 billion, from SAR 827.48 million a year earlier.

 

Meanwhile, net profit fell 2.7% quarter-on-quarter from SAR 1.14 billion in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Net Special Commission Income 1,867.74 2,038.95 9.2 %
Operating Income 2,190.94 2,572.36 17.4 %
Debt Provisions (413.27) (355.78) 13.9 %
Net Income 827.48 1,117.00 35.0 %
Average Shares 2,500.00 2,500.00 -
EPS (Riyals) 0.33 0.45 35.0 %
EPS Diluted (Riyal) 0.31 0.41 33.7 %

Balance Sheet (B)

Item 2023 2024 Change‬
Assets 253.38 292.78 15.5 %
Customer Deposits 172.21 185.12 7.5 %
Loan 179.39 204.17 13.8 %

Shareholders’ equity, excluding minority interest and after deducting sukuk, rose to SAR 38.61 billion as of Dec. 31, 2024, from SAR 36.40 billion a year earlier.

 

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Quarterly Actuals vs Estimates 30/01/2025

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Share Price

Banque Saudi Fransi
16.06
0.06 0.38 %

Banque Saudi Fransi (BSF)

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Financial Ratios
Current
Market Cap (M Riyal) 40,150.00
Shares Outstanding ((M)) 2,500.00
EPS ( Riyal) (TTM) 1.82
EPS Diluted ( Riyal) (TTM) 1.72
Book Value (BV) ( Riyal) 15.44
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 8.84
P/E (TTM) 8.84
Price/book 1.04
Return on Average Assets (%) (TTM) 1.7
Return on Average Equity (%) (TTM) 12.1
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