BSF net profit rises 27% to SAR 3.39 bln in 9M 2023; Q3 at SAR 1.24 bln

Banque Saudi Fransi (BSF) reported a 27% increase in 9M 2023 net profit to SAR 3.39 billion, compared to SAR 2.67 billion in the prior-year period.

The bank noted that its total operating income jumped 23.54% year-on-year (YoY) during the current nine-month period, partially offsetting a 19.29% increase in total operating expenses.

The rise in total operating income came on the back of higher net special commission income, net fee and commission income, and, net trading income.

Meanwhile, the total operating expenses led up due to higher impairment charge for expected credit losses on loans and advances, along with salaries and employee-related expenses and other operating, general and administrative expenses.

The third-quarter net profit soared 30% YoY to SAR 1.24 billion due to an increase in total operating income, which was partially offset by lower exchange income and losses on non-trading investments. 

Compared with the previous quarter, Q3 2023 net profit jumped 16% from SAR 1.07 billion.

Shareholders’ equity, no minority interest, amounted to SAR 34.28 billion by the end of 9M 2023 compared to SAR 32.80 billion a year earlier.

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