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.
| 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.
| 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 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,296.83 | 1,375.04 | 6.0 % |
| Operating Income | 1,760.03 | 1,750.75 | (0.5 %) |
| Debt Provisions | (634.32) | (930.45) | (46.7 %) |
| Net Income | 436.80 | 333.39 | (23.7 %) |
| Average Shares | 1,205.36 | 1,205.36 | - |
| EPS (Riyals) | 0.36 | 0.28 | (23.7 %) |
| EPS Diluted (Riyal) | 0.36 | 0.28 | (22.2 %) |
| 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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