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

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.

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.

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.

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.

View More Financial Results