Banque Saudi Fransi net profit rises 69% to SAR 2.457 bln in 9M 202

27/10/2021 Argaam Exclusive

Banque Saudi Fransi (BSF) reported a net profit of SAR 2.457 billion for the first nine months of 2021, a 69% increase compared to a net profit of SAR 1.452 billion in the same period last year.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Net Special Commission Income 3,959.10 4,041.35 2.1 %
Operating Income 5,267.72 5,463.15 3.7 %
Total Provisions (1962.33) (853.39) 56.5 %
Net Income 1,452.26 2,456.61 69.2 %
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 1.20 2.04 69.2 %
EPS Diluted (Riyals) 1.21 1.92 58.7 %

The bank attributed the increase in net profit to a reduction in gross operating expenses driven by lower impairment charge for credit losses.

 

During the period, gross operating income increased on higher net fee and commission income, net special commission income as well as trading income.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Net Special Commission Income 1,375.04 1,423.60 3.5 %
Operating Income 1,750.75 1,913.97 9.3 %
Debt Provisions (930.45) (296.34) 68.2 %
Net Income 333.39 907.25 172.1 %
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 0.28 0.75 172.1 %
EPS Diluted (Riyal) 0.28 0.71 153.6 %

The bank reported a net profit of SAR 907 million for Q3 2021, a 172.1% year-on-year (YoY) increase.

 

On a sequential basis, net profit grew 17.8% from SAR 769.68 million.

 

Shareholders’ equity, after minority interest, increased to SAR 39.242 billion as of Sept. 30, 2021, from SAR 33.683 billion a year earlier.

Balance Sheet (B)

Item 9m 2020 9m 2021 Change‬
Assets 197.44 213.34 8.1 %
Customer Deposits 135.65 143.32 5.7 %
Loan 134.36 144.39 7.5 %

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Share Price

Banque Saudi Fransi
30.70
(0.60) (1.92 %)

Banque Saudi Fransi (BSF)

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Financial Ratios
Current
Market Cap (M Riyal) 37,005.78
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) 8.70
P/E (TTM) 8.70
Price/book 0.97
Return on Average Assets (%) (TTM) 1.6
Return on Average Equity (%) (TTM) 11.8
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