Financial Results : Banque Saudi Fransi’s profit almost flat in Q1 2019

Banque Saudi Fransi’s profit almost flat in Q1 2019

02/05/2019 Argaam Exclusive

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Banque Saudi Fransi’s net profit edged up 1.3 percent year-on-year (YoY) to SAR 1.31 billion for Q1 2019 due to a decline in total operating expenses, mainly on lower salaries and employee expenses, rents, premises, and other operating expenses.

When compared to Q4 2018, net profit increased over four times due to a decrease in total operating expenses. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2018 Q1 2019 Change‬
Net Special Commission Income 1,256.00 1,272.94 1.3 %
Operating Income 1,647.17 1,722.68 4.6 %
Debt Provisions (89.74) (144.17) (60.6 %)
Net Income 1,049.95 916.83 (12.7 %)
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 0.87 0.76 (12.7 %)
EPS Diluted (Riyal) 0.93 0.76 (18.3 %)

Balance Sheet (B)

Item 3m 2018 3m 2019 Change‬
Assets 184.02 190.04 3.3 %
Customer Deposits 141.94 144.82 2.0 %
Loan 123.88 121.27 (2.1 %)


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change
Q1 2010 723.08 (5.8 %) 1,072.06 (0.6 %) (53.89) (16.8 %)
Q2 2010 776.31 2.5 % 1,154.60 5.3 % (83.97) 29.9 %
Q3 2010 777.63 2.6 % 1,084.45 2.6 % (154.95) (169.2 %)
Q4 2010 788.84 2.7 % 1,084.12 2.0 % (46.53) 86.7 %
Q1 2011 757.46 4.8 % 1,150.27 7.3 % (22.22) 58.8 %
Q2 2011 788.65 1.6 % 1,162.67 0.7 % (23.46) 72.1 %
Q3 2011 808.30 3.9 % 1,164.10 7.3 % (56.48) 63.5 %
Q4 2011 782.65 (0.8 %) 1,107.74 2.2 % (55.75) (19.8 %)
Q1 2012 801.81 5.9 % 1,220.21 6.1 % (61.27) (175.7 %)
Q2 2012 843.93 7.0 % 1,282.80 10.3 % (141.65) (503.9 %)
Q3 2012 825.99 2.2 % 1,220.25 4.8 % (174.37) (208.7 %)
Q4 2012 834.04 6.6 % 1,286.30 16.1 % (77.89) (39.7 %)
Q1 2013 799.24 (0.3 %) 1,205.05 (1.2 %) (127.84) (108.7 %)
Q2 2013 830.50 (1.6 %) 1,282.64 0.0 % (107.59) 24.0 %
Q3 2013 869.60 5.3 % 1,284.06 5.2 % (169.01) 3.1 %
Q4 2013 863.96 3.6 % 1,280.78 (0.4 %) (552.98) (609.9 %)
Q1 2014 896.55 12.2 % 1,401.17 16.3 % (108.57) 15.1 %
Q2 2014 969.86 16.8 % 1,478.33 15.3 % (105.37) 2.1 %
Q3 2014 980.13 12.7 % 1,486.66 15.8 % (72.55) 57.1 %
Q4 2014 970.45 12.3 % 1,419.88 10.9 % (34.44) 93.8 %
Q1 2015 962.89 7.4 % 1,590.11 13.5 % (37.20) 65.7 %
Q2 2015 1,016.15 4.8 % 1,578.73 6.8 % (42.97) 59.2 %
Q3 2015 1,044.11 6.5 % 1,588.27 6.8 % (50.23) 30.8 %
Q4 2015 1,032.13 6.4 % 1,534.38 8.1 % (50.51) (46.7 %)
Q1 2016 1,062.82 10.4 % 1,644.92 3.4 % (41.74) (12.2 %)
Q2 2016 1,068.80 5.2 % 1,612.88 2.2 % (36.58) 14.9 %
Q3 2016 1,107.55 6.1 % 1,587.64 0.0 % (54.53) (8.6 %)
Q4 2016 1,017.03 (1.5 %) 1,554.28 1.3 % (635.53) (1,158.2 %)
Q1 2017 1,111.53 4.6 % 1,696.56 3.1 % (29.04) 30.4 %
Q2 2017 1,167.37 9.2 % 1,630.39 1.1 % (58.57) (60.1 %)
Q3 2017 1,207.13 9.0 % 1,629.57 2.6 % (55.68) (2.1 %)
Q4 2017 1,213.64 19.3 % 1,619.68 4.2 % (517.82) 18.5 %
Q1 2018 1,256.00 13.0 % 1,647.17 (2.9 %) (89.74) (209.0 %)
Q2 2018 1,252.35 7.3 % 1,665.13 2.1 % (126.18) (115.4 %)
Q3 2018 1,261.35 4.5 % 1,696.39 4.1 % (127.84) (129.6 %)
Q4 2018 1,247.18 2.8 % 1,692.64 4.5 % (566.73) (9.4 %)
Q1 2019 1,272.94 1.3 % 1,722.68 4.6 % (144.17) (60.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2010 713.64 (3.7 %) 0.59 - 713.64 0.59
Q2 2010 756.90 9.4 % 0.63 - 756.90 0.63
Q3 2010 621.50 (13.0 %) 0.52 - 621.50 0.52
Q4 2010 708.96 119.0 % 0.59 - 708.96 0.59
Q1 2011 716.75 0.4 % 0.59 - 716.75 0.59
Q2 2011 773.43 2.2 % 0.64 - 773.43 0.64
Q3 2011 759.83 22.3 % 0.63 - 759.83 0.63
Q4 2011 660.93 (6.8 %) 0.55 - 660.93 0.55
Q1 2012 788.90 10.1 % 0.65 - 788.90 0.65
Q2 2012 757.21 (2.1 %) 0.63 - 757.21 0.63
Q3 2012 661.53 (12.9 %) 0.55 - 661.53 0.55
Q4 2012 807.50 22.2 % 0.67 - 807.50 0.67
Q1 2013 683.86 (13.3 %) 0.57 - 683.86 0.57
Q2 2013 762.64 0.7 % 0.63 - 762.64 0.63
Q3 2013 685.44 3.6 % 0.57 - 685.44 0.57
Q4 2013 273.65 (66.1 %) 0.23 - 273.65 0.23
Q1 2014 855.78 25.1 % 0.71 - 855.78 0.71
Q2 2014 884.24 15.9 % 0.73 - 884.24 0.73
Q3 2014 925.61 35.0 % 0.77 - 925.61 0.77
Q4 2014 850.71 210.9 % 0.71 - 850.71 0.71
Q1 2015 1,050.38 22.7 % 0.87 - 1,050.38 0.87
Q2 2015 1,015.83 14.9 % 0.84 - 1,015.83 0.84
Q3 2015 1,020.25 10.2 % 0.85 - 1,020.25 0.85
Q4 2015 949.98 11.7 % 0.79 - 949.98 0.79
Q1 2016 1,077.80 2.6 % 0.89 - 1,077.80 0.89
Q2 2016 1,048.19 3.2 % 0.87 - 1,048.19 0.87
Q3 2016 1,010.24 (1.0 %) 0.84 - 1,010.24 0.84
Q4 2016 374.01 (60.6 %) 0.31 - 374.01 0.31
Q1 2017 1,103.89 2.4 % 0.92 - 1,103.89 0.92
Q2 2017 1,004.69 (4.1 %) 0.83 - 1,004.69 0.83
Q3 2017 1,000.54 (1.0 %) 0.83 - 1,000.54 0.83
Q4 2017 422.77 13.0 % 0.35 - 422.77 0.35
Q1 2018 1,049.95 (4.9 %) 0.87 97.31 952.64 0.79
Q2 2018 841.31 (16.3 %) 0.70 - 841.31 0.70
Q3 2018 943.44 (5.7 %) 0.78 - 943.44 0.78
Q4 2018 (1431.68) (438.6 %) (1.19) (1510.67) 78.99 0.07
Q1 2019 916.83 (12.7 %) 0.76 - 916.83 0.76

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2010 1.99 % 15.91 % 70.09 %
Q2 2010 2.06 % 15.81 % 69.59 %
Q3 2010 1.99 % 14.44 % 69.61 %
Q4 2010 2.30 % 16.61 % 69.75 %
Q1 2011 2.26 % 16.71 % 69.30 %
Q2 2011 2.22 % 15.95 % 69.45 %
Q3 2011 2.35 % 15.97 % 68.91 %
Q4 2011 2.21 % 15.46 % 68.42 %
Q1 2012 2.15 % 15.54 % 68.35 %
Q2 2012 2.11 % 14.90 % 67.79 %
Q3 2012 2.01 % 13.83 % 67.36 %
Q4 2012 2.02 % 14.24 % 65.99 %
Q1 2013 1.85 % 13.24 % 66.14 %
Q2 2013 1.86 % 13.15 % 65.87 %
Q3 2013 1.82 % 12.93 % 65.90 %
Q4 2013 1.47 % 10.48 % 66.57 %
Q1 2014 1.48 % 10.85 % 65.93 %
Q2 2014 1.54 % 11.20 % 66.12 %
Q3 2014 1.67 % 12.12 % 65.71 %
Q4 2014 1.96 % 14.15 % 65.97 %
Q1 2015 1.96 % 14.22 % 64.99 %
Q2 2015 2.08 % 14.45 % 64.68 %
Q3 2015 2.14 % 14.69 % 64.65 %
Q4 2015 2.17 % 14.96 % 64.46 %
Q1 2016 2.15 % 14.23 % 65.47 %
Q2 2016 2.16 % 14.48 % 65.95 %
Q3 2016 2.15 % 14.38 % 66.95 %
Q4 2016 1.81 % 12.28 % 66.51 %
Q1 2017 1.82 % 11.82 % 66.73 %
Q2 2017 1.75 % 11.59 % 68.07 %
Q3 2017 1.75 % 11.61 % 69.16 %
Q4 2017 1.78 % 11.51 % 71.46 %
Q1 2018 1.79 % 11.14 % 74.22 %
Q2 2018 1.68 % 10.39 % 75.12 %
Q3 2018 1.67 % 10.27 % 75.18 %
Q4 2018 0.73 % 4.49 % 74.86 %
Q1 2019 0.68 % 3.97 % 74.28 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2010 121.25 (2.1 %) 87.71 (4.3 %) 79.58 (2.1 %)
Q2 2010 120.56 (1.8 %) 92.23 2.1 % 81.94 0.7 %
Q3 2010 120.96 (0.6 %) 91.29 1.2 % 81.46 0.2 %
Q4 2010 123.22 2.2 % 93.53 2.5 % 80.98 3.4 %
Q1 2011 126.55 4.4 % 96.03 9.5 % 83.94 5.5 %
Q2 2011 133.74 10.9 % 99.71 8.1 % 85.20 4.0 %
Q3 2011 130.97 8.3 % 97.75 7.1 % 89.72 10.1 %
Q4 2011 140.48 14.0 % 109.96 17.6 % 92.33 14.0 %
Q1 2012 150.48 18.9 % 112.60 17.3 % 97.48 16.1 %
Q2 2012 147.09 10.0 % 108.94 9.3 % 100.52 18.0 %
Q3 2012 154.97 18.3 % 116.85 19.5 % 102.22 13.9 %
Q4 2012 157.78 12.3 % 115.57 5.1 % 102.79 11.3 %
Q1 2013 163.99 9.0 % 119.26 5.9 % 105.81 8.6 %
Q2 2013 165.78 12.7 % 124.58 14.3 % 110.24 9.7 %
Q3 2013 168.04 8.4 % 124.96 6.9 % 112.57 10.1 %
Q4 2013 170.06 7.8 % 131.60 13.9 % 111.31 8.3 %
Q1 2014 184.28 12.4 % 137.91 15.6 % 114.84 8.5 %
Q2 2014 184.31 11.2 % 134.41 7.9 % 117.39 6.5 %
Q3 2014 183.24 9.0 % 131.94 5.6 % 118.22 5.0 %
Q4 2014 188.78 11.0 % 145.28 10.4 % 116.54 4.7 %
Q1 2015 193.88 5.2 % 150.21 8.9 % 120.79 5.2 %
Q2 2015 185.95 0.9 % 142.63 6.1 % 125.04 6.5 %
Q3 2015 184.99 1.0 % 143.95 9.1 % 124.41 5.2 %
Q4 2015 183.72 (2.7 %) 141.85 (2.4 %) 123.77 6.2 %
Q1 2016 184.02 (5.1 %) 141.82 (5.6 %) 124.98 3.5 %
Q2 2016 193.91 4.3 % 138.81 (2.7 %) 129.64 3.7 %
Q3 2016 195.74 5.8 % 147.28 2.3 % 133.94 7.7 %
Q4 2016 203.43 10.7 % 158.46 11.7 % 129.46 4.6 %
Q1 2017 204.36 11.1 % 158.47 11.7 % 129.09 3.3 %
Q2 2017 205.34 5.9 % 163.90 18.1 % 129.38 (0.2 %)
Q3 2017 201.70 3.0 % 155.47 5.6 % 128.95 (3.7 %)
Q4 2017 192.93 (5.2 %) 150.95 (4.7 %) 121.94 (5.8 %)
Q1 2018 184.02 (10.0 %) 141.94 (10.4 %) 123.88 (4.0 %)
Q2 2018 188.96 (8.0 %) 146.70 (10.5 %) 122.81 (5.1 %)
Q3 2018 189.34 (6.1 %) 146.69 (5.6 %) 123.70 (4.1 %)
Q4 2018 190.25 (1.4 %) 148.37 (1.7 %) 120.63 (1.1 %)
Q1 2019 190.04 3.3 % 144.82 2.0 % 121.27 (2.1 %)

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
Q1 2010 72.34 % 65.63 % 90.73 %
Q2 2010 76.50 % 67.96 % 88.84 %
Q3 2010 75.47 % 67.34 % 89.23 %
Q4 2010 75.91 % 65.72 % 86.58 %
Q1 2011 75.89 % 66.33 % 87.41 %
Q2 2011 74.55 % 63.71 % 85.45 %
Q3 2011 74.64 % 68.50 % 91.78 %
Q4 2011 78.28 % 65.72 % 83.96 %
Q1 2012 74.83 % 64.78 % 86.57 %
Q2 2012 74.07 % 68.34 % 92.27 %
Q3 2012 75.40 % 65.96 % 87.48 %
Q4 2012 73.25 % 65.15 % 88.94 %
Q1 2013 72.72 % 64.52 % 88.73 %
Q2 2013 75.14 % 66.49 % 88.49 %
Q3 2013 74.36 % 66.99 % 90.09 %
Q4 2013 77.39 % 65.45 % 84.58 %
Q1 2014 74.84 % 62.32 % 83.27 %
Q2 2014 72.92 % 63.69 % 87.34 %
Q3 2014 72.00 % 64.52 % 89.60 %
Q4 2014 76.96 % 61.73 % 80.22 %
Q1 2015 77.47 % 62.30 % 80.42 %
Q2 2015 76.70 % 67.24 % 87.67 %
Q3 2015 77.82 % 67.25 % 86.43 %
Q4 2015 77.21 % 67.37 % 87.25 %
Q1 2016 77.07 % 67.92 % 88.12 %
Q2 2016 71.58 % 66.85 % 93.39 %
Q3 2016 75.24 % 68.43 % 90.94 %
Q4 2016 77.89 % 63.64 % 81.70 %
Q1 2017 77.54 % 63.17 % 81.46 %
Q2 2017 79.82 % 63.01 % 78.94 %
Q3 2017 77.08 % 63.93 % 82.94 %
Q4 2017 78.24 % 63.20 % 80.78 %
Q1 2018 77.14 % 67.32 % 87.28 %
Q2 2018 77.64 % 64.99 % 83.71 %
Q3 2018 77.48 % 65.33 % 84.33 %
Q4 2018 77.99 % 63.41 % 81.31 %
Q1 2019 76.21 % 63.82 % 83.74 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2010 1,205.36 2.03 2.03 - 13.08
Q2 2010 1,205.36 2.08 2.08 - 14.02
Q3 2010 1,205.36 2.00 2.00 - 14.74
Q4 2010 1,205.36 2.32 2.32 - 14.94
Q1 2011 1,205.36 2.33 2.33 - 14.76
Q2 2011 1,205.36 2.34 2.34 - 15.33
Q3 2011 1,205.36 2.45 2.45 - 16.01
Q4 2011 1,205.36 2.42 2.42 - 16.31
Q1 2012 1,205.36 2.47 2.47 - 17.08
Q2 2012 1,205.36 2.46 2.46 - 17.71
Q3 2012 1,205.36 2.38 2.38 - 18.41
Q4 2012 1,205.36 2.50 2.50 - 18.82
Q1 2013 1,205.36 2.41 2.41 - 19.38
Q2 2013 1,205.36 2.42 2.42 - 19.08
Q3 2013 1,205.36 2.44 2.44 - 19.31
Q4 2013 1,205.36 2.00 2.00 - 19.26
Q1 2014 1,205.36 2.14 2.14 - 20.03
Q2 2014 1,205.36 2.24 2.24 - 20.92
Q3 2014 1,205.36 2.44 2.44 - 20.94
Q4 2014 1,205.36 2.92 2.92 2.92 21.96
Q1 2015 1,205.36 3.08 3.08 3.08 23.28
Q2 2015 1,205.36 3.19 3.19 3.19 23.19
Q3 2015 1,205.36 3.27 3.27 3.27 23.53
Q4 2015 1,205.36 3.35 3.35 3.35 22.80
Q1 2016 1,205.36 3.37 3.37 3.37 24.10
Q2 2016 1,205.36 3.40 3.40 3.40 23.76
Q3 2016 1,205.36 3.39 3.39 3.39 23.61
Q4 2016 1,205.36 2.91 2.91 2.91 24.64
Q1 2017 1,205.36 2.93 2.93 2.94 25.53
Q2 2017 1,205.36 2.90 2.90 2.91 26.24
Q3 2017 1,205.36 2.89 2.89 2.90 26.18
Q4 2017 1,205.36 2.93 2.93 2.94 26.27
Q1 2018 1,205.36 2.89 2.80 2.95 26.29
Q2 2018 1,205.36 2.75 2.67 2.81 26.67
Q3 2018 1,205.36 2.70 2.62 2.77 26.45
Q4 2018 1,205.36 1.16 2.34 3.35 25.60
Q1 2019 1,205.36 1.05 2.31 3.18 26.75

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 13.91 13.91 2.16
Q2 2010 12.45 12.45 1.85
Q3 2010 14.28 14.28 1.94
Q4 2010 11.54 11.54 1.80
Q1 2011 12.43 12.43 1.96
Q2 2011 11.36 11.36 1.73
Q3 2011 9.48 9.48 1.45
Q4 2011 10.46 10.46 1.55
Q1 2012 12.03 12.03 1.74
Q2 2012 10.18 10.18 1.41
Q3 2012 9.80 9.80 1.27
Q4 2012 8.82 8.82 1.17
Q1 2013 9.48 9.48 1.18
Q2 2013 10.05 10.05 1.27
Q3 2013 10.52 10.52 1.33
Q4 2013 13.12 13.12 1.36
Q1 2014 14.21 14.21 1.52
Q2 2014 13.62 13.62 1.46
Q3 2014 15.70 15.70 1.83
Q4 2014 10.73 10.73 1.43
Q1 2015 10.84 10.84 1.44
Q2 2015 10.08 10.08 1.39
Q3 2015 9.17 9.17 1.27
Q4 2015 8.36 8.36 1.23
Q1 2016 7.50 7.50 1.05
Q2 2016 6.60 6.60 0.94
Q3 2016 6.21 6.21 0.89
Q4 2016 8.94 8.94 1.06
Q1 2017 8.81 8.81 1.01
Q2 2017 10.63 10.63 1.18
Q3 2017 10.42 10.42 1.15
Q4 2017 9.73 9.73 1.09
Q1 2018 9.95 10.24 1.12
Q2 2018 12.06 12.43 1.27
Q3 2018 12.04 12.41 1.26
Q4 2018 9.37 4.67 1.23
Q1 2019 11.67 5.33 1.39

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Investment Banking and Brokerage
Q1 2010 331.34 480.68 229.08 30.96
Q2 2010 347.52 527.15 243.00 36.93
Q3 2010 330.04 517.53 212.67 24.21
Q4 2010 340.61 511.65 206.29 25.57
Q1 2011 367.46 530.56 217.35 34.90
Q2 2011 381.72 543.18 170.88 66.89
Q3 2011 402.17 566.50 157.05 38.38
Q4 2011 405.85 514.09 126.89 60.91
Q1 2012 358.44 567.86 197.30 96.61
Q2 2012 363.63 590.66 233.87 94.64
Q3 2012 349.45 572.22 205.98 92.59
Q4 2012 343.54 606.64 283.57 52.55
Q1 2013 356.29 629.23 149.70 69.83
Q2 2013 365.86 637.15 201.95 77.68
Q3 2013 363.05 637.84 220.42 62.75
Q4 2013 365.16 614.76 234.13 66.73
Q1 2014 359.17 641.86 317.26 82.88
Q2 2014 363.90 677.81 323.07 113.54
Q3 2014 358.79 710.77 327.64 89.46
Q4 2014 337.63 710.37 295.37 76.51
Q1 2015 356.05 751.84 394.64 87.58
Q2 2015 384.66 783.42 310.86 99.80
Q3 2015 387.40 789.72 337.51 73.65
Q4 2015 378.07 733.50 362.98 59.83
Q1 2016 388.71 788.11 404.21 63.89
Q2 2016 376.51 778.41 372.61 85.35
Q3 2016 369.75 787.13 373.80 56.95
Q4 2016 356.09 749.20 380.12 68.87
Q1 2017 381.68 808.87 443.31 62.71
Q2 2017 393.76 744.34 431.18 61.12
Q3 2017 403.67 719.52 440.01 66.36
Q4 2017 373.70 727.85 444.55 73.59
Q1 2018 407.50 758.45 519.07 59.45
Q2 2018 407.35 751.38 424.40 82.01
Q3 2018 462.47 780.06 392.81 61.04
Q4 2018 473.69 802.76 340.72 75.47
Q1 2019 459.73 780.74 404.56 77.65

Analysts Estimates (Million)

Item Q1 2019 (e) Q1 2019 (a) Change‬
Average 991.03 916.83 (7.5 %)

Estimates vs Actual (Million)

Item Q1 2019 (e) Q1 2019 (a) Change
Sico 917.00 916.83 0.0 %
Riyad Capital 999.00 916.83 (8.2) %
OSOOL AND BAKHEET 1,015.10 916.83 (9.7) %
SNB Capital 1,033.00 916.83 (11.2) %


Financial Ratios
Current
Market Cap (M Riyal) 37,608.48
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) 8.84
P/E (TTM) 8.84
Price/book 0.99
Return on Average Assets (%) (TTM) 1.6
Return on Average Equity (%) (TTM) 11.8
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Share Price

Banque Saudi Fransi
31.20
0.00 0.00 %

Banque Saudi Fransi (BSF)

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