Banque Saudi Fransi posts 35% profit drop to SAR 1.119 bln in H1 2020

26/07/2020 Argaam Exclusive

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Banque Saudi Fransi (BSF) reported a net profit of SAR 1.119 billion in the first half of 2020, compared to a net profit of SAR 1.720 billion a year earlier.

The 35% decline year-on-year (YoY) was mainly attributed to increased operating expenses, higher impairment charges for credit losses and other financial assets, as well as salaries and employee related expenses.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Net Special Commission Income	2,570.47	2,584.06	0.5 %
Operating Income	3,429.11	3,516.97	2.6 %
Total Provisions	(344.49)	(1031.88)	(199.5 %)
Net Income	1,720.46	1,118.87	(35.0 %)
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	1.43	0.93	(35.0 %)
EPS Diluted (Riyals)	1.43	0.93	(35.0 %)

In Q2 2020, BSF’s net profit fell 46% YoY to SAR 437 million, due to higher operating expenses, impairment charges for credit losses and other financial assets, as well as higher salaries and employee related expenses.

When compared to the previous quarter, net profit dropped 36%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Net Special Commission Income	1,297.53	1,296.83	(0.1 %)
Operating Income	1,706.43	1,760.03	3.1 %
Debt Provisions	(200.32)	(634.32)	(216.7 %)
Net Income	803.63	436.80	(45.6 %)
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	0.67	0.36	(45.6 %)
EPS Diluted (Riyal)	0.67	0.36	(46.3 %)

Item	Q1 2020	Q2 2020	Change‬
Net Special Commission Income	1,287.24	1,296.83	0.7 %
Operating Income	1,756.94	1,760.03	0.2 %
Debt Provisions	(397.57)	(634.32)	(59.5 %)
Net Income	682.08	436.80	(36.0 %)
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	0.57	0.36	(36.0 %)
EPS Diluted (Riyal)	0.57	0.36	(36.8 %)

Balance Sheet (B)

Item	6m 2019	6m 2020	Change‬
Assets	186.58	201.95	8.2 %
Customer Deposits	142.23	138.05	(2.9 %)
Loan	124.23	135.75	9.3 %

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