Financial Results : Banque Saudi Fransi’s 9M 2022 profit grows 9% to SAR 2.672 bln; Q3 at SAR 961 mln

Banque Saudi Fransi’s 9M 2022 profit grows 9% to SAR 2.672 bln; Q3 at SAR 961 mln

31/10/2022 Argaam Exclusive

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Banque Saudi Fransi (BSF) reported a 9% rise in net profit to SAR 2.672 billion in the first nine months of 2022, compared to SAR 2.457 billion a year earlier.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Net Special Commission Income 4,041.35 4,647.99 15.0 %
Operating Income 5,463.15 5,774.45 5.7 %
Total Provisions (853.39) (889.22) (4.2 %)
Net Income 2,456.61 2,672.45 8.8 %
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 2.04 2.22 8.8 %
EPS Diluted (Riyals) 1.92 2.08 8.3 %

The profit growth was driven by a 7.67% rise year-on-year (YoY) in total operating income, which was partially offset by an increase in total operating expenses by 8.84% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Net Special Commission Income 1,423.60 1,716.68 20.6 %
Operating Income 1,913.97 2,083.05 8.8 %
Debt Provisions (296.34) (349.50) (17.9 %)
Net Income 907.25 960.87 5.9 %
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 0.75 0.80 5.9 %
EPS Diluted (Riyal) 0.71 0.75 5.6 %

The third-quarter net earnings rose 6% to SAR 961 million, compared with SAR 907 million a year earlier, mainly due to a 11.55% YoY rise in total operating income.

 

On a sequential basis, Q3 2022 net profit grew 14.8% from SAR 837 million.

 

Total shareholders' equity, after minority interest, reached SAR 32.805 billion as of Sept. 30, 2022, compared with SAR 34.242 a year before.

Balance Sheet (B)

Item 9m 2021 9m 2022 Change‬
Assets 213.34 231.66 8.6 %
Customer Deposits 143.32 157.82 10.1 %
Loan 144.39 158.48 9.8 %

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