BSF profit rises 23% to SAR 1.07 bln in Q1 2023

Banque Saudi Fransi (BSF) posted a 23% rise in Q1 2023 net profit to SAR 1.07 billion, compared to SAR 875 million in the prior-year period.   

The profit growth was buoyed by an increase of 27.29% year-on-year (YoY) in total operating income on higher net special commission income and net foreign exchange income, which was partially offset by reduction in trading income.

On the other hand, the higher operating income was partially offset by a 32.17% YoY jump in total operating expenses (OpEx), due to higher impairment charge for expected credit losses on loans and advances. Further, the bank reported an increase in net salaries and employee-related expenses, as well as other operating and general and administrative expenses, which were partially offset by reversal of impairment charge for other financial assets.

Compared to Q4 2022, the first-quarter net profit increased by 19.2% from SAR 902.68 million.

Shareholders’ equity, no minority interest and after sukuk, rose to SAR 34.93 billion as of March 31, 2023, from SAR 34.42 billion a year earlier.

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