Financial Results : BSF posts 50% slump in 2020 profit to SAR 1.546 bln

BSF posts 50% slump in 2020 profit to SAR 1.546 bln

08/02/2021 Argaam Exclusive

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Banque Saudi Fransi (BSF) reported a net profit of SAR 1.546 billion for 2020, a 50% drop from SAR 3.115 billion a year earlier.

 

The profit slump was mainly attributed to a 54.7% year-on-year (YoY) increase in operating expenses, higher impairment charges for credit losses and as well as salaries and employee-related expenses, which were partially offset by impairment reversal of investments, financial assets and others.



Financials (M)

Item 2019 2020 Change‬
Net Special Commission Income 5,205.68 5,240.39 0.7 %
Operating Income 6,872.55 7,044.59 2.5 %
Total Provisions (1008.57) (2816.32) (179.2 %)
Net Income 3,114.97 1,546.21 (50.4 %)
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 2.58 1.28 (50.4 %)
EPS Diluted (Riyals) 2.60 1.24 (52.3 %)

In Q4 2020, BSF’s net profit fell 82% YoY to SAR 93.7 million.

 

Total shareholders’ equity, excluding minority interest, rose by 17.3% YoY to SAR 38.636 billion in 2020.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Net Special Commission Income 1,291.30 1,281.29 (0.8 %)
Operating Income 1,705.72 1,776.88 4.2 %
Debt Provisions (437.86) (853.99) (95.0 %)
Net Income 514.51 93.95 (81.7 %)
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 0.43 0.08 (81.7 %)
EPS Diluted (Riyal) 0.43 0.03 (93.0 %)

Balance Sheet (B)

Item 2019 2020 Change‬
Assets 178.15 194.07 8.9 %
Customer Deposits 132.84 127.11 (4.3 %)
Loan 125.73 130.56 3.8 %

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