Financial Results : Banque Saudi Fransi’s profit rises 4% to SAR 3.57 bln; Q4 falls to SAR 902.7 mln

Banque Saudi Fransi’s profit rises 4% to SAR 3.57 bln; Q4 falls to SAR 902.7 mln

12/02/2023 Argaam Exclusive

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Banque Saudi Fransi (BSF) reported a net profit of SAR 3.57 billion for 2022, an increase of 4%, from SAR 3.44 billion in the year-earlier period.



Financials (M)

Item 2021 2022 Change‬
Net Special Commission Income 5,698.65 6,426.55 12.8 %
Operating Income 7,127.93 8,017.28 12.5 %
Total Provisions (961.43) (1363.94) (41.9 %)
Net Income 3,449.88 3,575.13 3.6 %
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 2.86 2.97 3.6 %
EPS Diluted (Riyals) 2.70 2.79 3.3 %

The higher profit was driven mainly by a 12.47% rise in total operating income, which was partly offset by an increase in total operating expenses by 21.97%.

 

The bank also reported a higher net special commission income, exchange income, and trading income, partially offset by a decline in gains on fair value through other comprehensive income (FVOCI) and non-trading investments. 

 

Moreover, the increase in total operating expenses was mainly due to higher impairment charges for credit losses, salaries, employee-related expenses, and general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Net Special Commission Income 1,332.10 1,778.56 33.5 %
Operating Income 1,724.70 2,242.83 30.0 %
Debt Provisions (167.96) (474.73) (182.7 %)
Net Income 993.27 902.68 (9.1 %)
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 0.82 0.75 (9.1 %)
EPS Diluted (Riyal) 0.78 0.71 (9.0 %)

BSF reported a 9% decline in Q4 2022 net profit to SAR 902.68 million from SAR 993.27 million a year earlier.

 

Net profit fell 6.1% from SAR 960.87 million in Q3 2022.

 

Shareholders’ equity, no minority interest after excluding sukuk, declined to SAR 33.74 billion as of Dec. 31, 2022, from SAR 34.68 billion a year earlier.

Balance Sheet (B)

Item 2021 2022 Change‬
Assets 215.80 232.08 7.5 %
Customer Deposits 141.95 157.59 11.0 %
Loan 147.81 159.01 7.6 %

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