Banque Saudi Fransi 2021 net profit up twofold to SAR 3.450 bln; Q4 hits SAR 993.4 mln

07/02/2022 Argaam Exclusive

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Banque Saudi Fransi (BSF) reported a net profit of SAR 3.450 billion for 2021, an increase of over twofold from SAR 1.546 billion in a year earlier.

Financials (M)

Item	2020	2021	Change‬
Net Special Commission Income	5,240.39	5,698.65	8.7 %
Operating Income	7,044.59	7,127.93	1.2 %
Total Provisions	(2816.32)	(961.43)	65.9 %
Net Income	1,546.21	3,449.88	123.1 %
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	1.28	2.86	123.1 %
EPS Diluted (Riyals)	1.24	2.70	117.7 %

The bank attributed the increase in net profit to a reduction of 33.4% year-on-year (YoY) in total operating expenses (OPEX) on lower impairment charge for credit losses. BSF also recorded a 2% rise YoY in total operating income, fueled by higher net fee and commission income, and net special commission income.

The bank reported a surge in Q4 2021 net profit to SAR 993.4 million, from SAR 93.95 million in the year-ago period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Net Special Commission Income	1,281.29	1,332.10	4.0 %
Operating Income	1,776.88	1,724.70	(2.9 %)
Debt Provisions	(853.99)	(167.96)	80.3 %
Net Income	93.95	993.27	957.3 %
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	0.08	0.82	957.3 %
EPS Diluted (Riyal)	0.03	0.78	2500.0 %

Item	Q3 2021	Q4 2021	Change‬
Net Special Commission Income	1,423.60	1,332.10	(6.4 %)
Operating Income	1,913.97	1,724.70	(9.9 %)
Debt Provisions	(296.34)	(167.96)	43.3 %
Net Income	907.25	993.27	9.5 %
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	0.75	0.82	9.5 %
EPS Diluted (Riyal)	0.71	0.78	9.9 %

On a sequential basis, net profit grew by 9.5% from SAR 907.25 million.

Shareholders’ equity, after minority interest, increased by 2.7% to SAR 39.686 billion as on Dec. 31, 2021, from SAR 38.636 billion a year earlier.

Balance Sheet (B)

Item	2020	2021	Change‬
Assets	194.07	215.80	11.2 %
Customer Deposits	127.11	141.95	11.7 %
Loan	130.56	147.81	13.2 %

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