Banque Saudi Fransi posts SAR 3 bln net profit in FY19

05/02/2020 Argaam Exclusive

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Banque Saudi Fransi (BSF) posted an over twofold increase year-on-year (YoY) in net profit to SAR 3.1 billion for the fiscal year 2019, driven by a decline in Zakat and income tax provision.

Total operating income also increased by 1.09%, buoyed by net special commission income, gain on non-trading investments, along with fee and commission income.

Financials (M)

Item	2018	2019	Change‬
Net Special Commission Income	5,016.87	5,205.68	3.8 %
Operating Income	6,701.33	6,872.55	2.6 %
Total Provisions	(910.50)	(1008.57)	(10.8 %)
Net Income	1,403.02	3,114.97	122.0 %
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	1.16	2.58	122.0 %
EPS Diluted (Riyals)	1.17	2.60	122.2 %

In Q4 2019, BSF swung to a net profit of SAR 515 million, against a net loss of SAR 1.43 billion in year earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Net Special Commission Income	1,247.18	1,291.30	3.5 %
Operating Income	1,692.64	1,705.72	0.8 %
Debt Provisions	(566.73)	(437.86)	22.7 %
Net Income	(1431.68)	514.51	135.9 %
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	(1.19)	0.43	135.9 %
EPS Diluted (Riyal)	0.93	0.43	(53.8 %)

Item	Q3 2019	Q4 2019	Change‬
Net Special Commission Income	1,343.91	1,291.30	(3.9 %)
Operating Income	1,737.71	1,705.72	(1.8 %)
Debt Provisions	(226.22)	(437.86)	(93.6 %)
Net Income	880.00	514.51	(41.5 %)
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	0.73	0.43	(41.5 %)
EPS Diluted (Riyal)	0.73	0.43	(41.1 %)

Balance Sheet (B)

Item	2018	2019	Change‬
Assets	190.25	178.15	(6.4 %)
Customer Deposits	148.37	132.84	(10.5 %)
Loan	120.63	125.73	4.2 %

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