BSF H1 2024 profit up 6% to SAR 2.27B; Q2 at SAR 1.12B

05/08/2024 Argaam Exclusive

Banque Saudi Fransi (BSF) posted a net profit of SAR 2.27 billion in the first six months of 2024, rising 6% from SAR 2.15 billion in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Net Special Commission Income 3,899.47 3,858.44 (1.1 %)
Operating Income 4,665.42 4,673.64 0.2 %
Total Provisions (912.06) (569.15) 37.6 %
Net Income 2,149.76 2,279.15 6.0 %
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 1.78 1.89 6.0 %
EPS Diluted (Riyals) 1.70 1.81 6.5 %

Gross special commission income increased by 28.4% year-on-year (YoY) mainly due to higher return on financing and investments, net special commission income fell by 1.1% on higher special commission expense.

 

Total operating expenses decreased by 6.2%, while total operating income increased by 0.2%.

 

Net impairment charges for financing and other financial assets decreased by 34.3% due to lower impairment charges on loans and advances by 37.6%, which was partially offset by lower impairment charges reversal for other financial assets.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Net Special Commission Income 1,975.51 1,939.91 (1.8 %)
Operating Income 2,347.34 2,342.35 (0.2 %)
Debt Provisions (427.01) (290.52) 32.0 %
Net Income 1,073.35 1,129.18 5.2 %
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 0.89 0.94 5.2 %
EPS Diluted (Riyal) 0.85 0.90 5.9 %

In Q2 2024, net earnings grew by 5% to SAR 1.12 billion, compared with SAR 1.20 billion a year earlier, driven by a 29.3% rise YoY in gross special commission income and a decline in total operating expenses by 6.2%.

 

The lender's Q2 2024 bottom line dropped by 1.8% from SAR 1.15 billion in Q1 2024.

Balance Sheet (B)

Item 6m 2023 6m 2024 Change‬
Assets 245.72 288.83 17.5 %
Customer Deposits 161.16 196.25 21.8 %
Loan 169.70 197.16 16.2 %

Total shareholders’ equity, no minority interest or sukuk, reached SAR 36.80 billion as of June 30, 2024, from SAR 34.69 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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