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 %

Item	Q2 2022	Q3 2022	Change‬
Net Special Commission Income	1,516.47	1,716.68	13.2 %
Operating Income	1,870.36	2,083.05	11.4 %
Debt Provisions	(294.82)	(349.50)	(18.5 %)
Net Income	837.02	960.87	14.8 %
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	0.69	0.80	14.8 %
EPS Diluted (Riyal)	0.65	0.75	15.4 %

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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