BSF profit slightly up at SAR 3.42B in 9M 2024; Q3 at SAR 1.14B

Banque Saudi Fransi (BSF) reported a slight increase in 9M 2024 net profit to SAR 3.42 billion, compared to SAR 3.39 billion in the prior-year period.

The lender attributed the nine-month profit growth to a 25.7% year-on-year (YoY) increase in gross special commission income, mainly due to higher return on financing and investments. Meanwhile, net special commission income dropped by 2.1% YoY on higher special commission expenses.

Further, total operating expenses declined YoY for the nine-month period, primarily due to a reduction in the provision for expected credit losses on loans and advances. However, this was partially capped by an uptick in wages and expenses, general and administrative expenses, the provision for other financial assets, and depreciation and amortization.

Net impairment charges for financing and other financial assets contracted by 30.2% YoY as impairment charges on loans and advances plunged by 35% YoY. This was partially offset by higher impairment charges for other financial assets.

However, the bank reported a 21% YoY rise in gross special commission income and a 4% YoY slip in net special commission income during Q3.

Compared with the previous quarter, Q3 2024 net profit grew 1.7% from SAR 1.12 billion.

Shareholders’ equity, no minority interest and after sukuk, amounted to SAR 38.11 billion by the end of 9M 2024, compared to SAR 34.28 billion a year earlier.

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