Financial Results : BSF posts 44% drop in 9M 2020 profit to SAR 1.452 bln on higher OPEX

BSF posts 44% drop in 9M 2020 profit to SAR 1.452 bln on higher OPEX

05/11/2020 Argaam Exclusive

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Banque Saudi Fransi (BSF) reported a net profit of SAR 1.452 billion in the first nine months of 2020, compared to a net profit of SAR 2.6 billion a year earlier.

 

The 44% year-on-year (YoY) slump was mainly attributed to increased operating expenses (OPEX), 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 9m 2019 9m 2020 Change‬
Net Special Commission Income 3,914.37 3,959.10 1.1 %
Operating Income 5,166.83 5,267.72 2.0 %
Total Provisions (570.70) (1962.33) (243.8 %)
Net Income 2,600.46 1,452.26 (44.2 %)
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 2.16 1.20 (44.2 %)
EPS Diluted (Riyals) 2.17 1.21 (44.2 %)

In Q3 2020, BSF’s net profit fell 62% to SAR 333 million, from SAR 880 million a year earlier. The drop was attributed 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 decreased by 23.8% on a 9.91% increase in total operating expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Net Special Commission Income 1,343.91 1,375.04 2.3 %
Operating Income 1,737.71 1,750.75 0.8 %
Debt Provisions (226.22) (930.45) (311.3 %)
Net Income 880.00 333.39 (62.1 %)
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 0.73 0.28 (62.1 %)
EPS Diluted (Riyal) 0.73 0.28 (61.6 %)

Balance Sheet (B)

Item 9m 2019 9m 2020 Change‬
Assets 186.37 197.44 5.9 %
Customer Deposits 141.90 135.65 (4.4 %)
Loan 123.44 134.36 8.8 %

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