Banque Saudi Fransi’s net profit up 11% to SAR 1.712 bln in H1 2022; Q2 rises 9% to SAR 837 mln

27/07/2022 Argaam Exclusive

Banque Saudi Fransi (BSF) reported an 11% increase in H1 2022 net profit to SAR 1.712 billion, compared to SAR 1.549 billion in the prior-year period.

 

The bank attributed the increase in net profit to a 5.6% year-on-year (YoY) rise in operating income, due to higher net special commission income, foreign exchange income and other operating income, which was partially offset by lower net fee and commission income.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Net Special Commission Income 2,617.75 2,931.31 12.0 %
Operating Income 3,549.17 3,691.40 4.0 %
Total Provisions (557.05) (539.71) 3.1 %
Net Income 1,549.36 1,711.59 10.5 %
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 1.29 1.42 10.5 %
EPS Diluted (Riyals) 1.21 1.33 9.9 %

On the other hand, total operating expenses saw an increase of 3.1% YoY.

 

The second-quarter net profit grew 9% to SAR 837 million, from SAR 769.68 million in Q2 2021, thanks to a rise of 8.1% YoY in total operating income, due to higher net special commission income, trading income and foreign exchange income.

 

BSF’s net profit decreased by 4.3% from SAR 874.56 million in the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Net Special Commission Income 1,330.43 1,516.47 14.0 %
Operating Income 1,753.66 1,870.36 6.7 %
Debt Provisions (266.97) (294.82) (10.4 %)
Net Income 769.68 837.02 8.7 %
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 0.64 0.69 8.7 %
EPS Diluted (Riyal) 0.59 0.65 10.2 %

Shareholders’ equity, after minority interest, declined to SAR 32.742 billion by the end of H1 2022, from SAR 34.259 billion a year earlier.

Balance Sheet (B)

Item 6m 2021 6m 2022 Change‬
Assets 211.31 231.27 9.4 %
Customer Deposits 140.80 157.92 12.2 %
Loan 141.81 159.62 12.6 %

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Share Price

Banque Saudi Fransi
32.85
0.10 0.31 %

Banque Saudi Fransi (BSF)

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Financial Ratios
Current
Market Cap (M Riyal) 39,597.39
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) 9.31
P/E (TTM) 9.31
Price/book 1.04
Return on Average Assets (%) (TTM) 1.6
Return on Average Equity (%) (TTM) 11.8
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