Banque Saudi Fransi profit drops 26% to SAR 682 mln in Q1 2020

14/05/2020 Argaam Exclusive

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Banque Saudi Fransi (BSF) posted a drop of 26% year-on-year (YoY) in net profit to SAR 682 million for Q1 2020, compared to SAR 917 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2019	Q1 2020	Change‬
Net Special Commission Income	1,272.94	1,287.24	1.1 %
Operating Income	1,722.68	1,756.94	2.0 %
Debt Provisions	(144.17)	(397.57)	(175.8 %)
Net Income	916.83	682.08	(25.6 %)
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	0.76	0.57	(25.6 %)
EPS Diluted (Riyal)	0.76	0.57	(25.0 %)

Item	Q4 2019	Q1 2020	Change‬
Net Special Commission Income	1,291.30	1,287.24	(0.3 %)
Operating Income	1,705.72	1,756.94	3.0 %
Debt Provisions	(437.86)	(397.57)	9.2 %
Net Income	514.51	682.08	32.6 %
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	0.43	0.57	32.6 %
EPS Diluted (Riyal)	0.43	0.57	32.6 %

The decline was attributed to a 60.39% increase in operating expenses, higher impairment charge for credit losses, salaries and employee related expenses as well as other operating and general and administrative expenses.

When compared to Q4 2019, net profit jumped 32.4% from SAR 515 million, thanks to a 15.6% drop in operating expenses.

Balance Sheet (B)

Item	3m 2019	3m 2020	Change‬
Assets	190.04	199.18	4.8 %
Customer Deposits	144.82	146.77	1.3 %
Loan	121.27	134.88	11.2 %

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