BSF's 2024 profit rises 8% to SAR 4.54B; Q4 at SAR 1.12B

29/01/2025 Argaam Exclusive

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Banque Saudi Fransi (BSF) reported a net profit of SAR 4.54 billion for 2024, an increase of 7.6% from SAR 4.22 billion in the year before.

Financials (M)

Item	2023	2024	Change‬
Net Special Commission Income	7,835.20	7,883.00	0.6 %
Operating Income	9,323.99	9,658.00	3.6 %
Total Provisions	(1594.00)	(1180.00)	26.0 %
Net Income	4,222.73	4,544.00	7.6 %
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	1.69	1.82	7.6 %
EPS Diluted (Riyals)	1.61	1.72	7.1 %

The profit growth was driven by a leap of 23.9% year-on-year (YoY) in gross special commission income due to higher returns from financing and investments. Net special commission income also increased by 0.6% YoY.

Total operating income increased by 3.6% YoY, while total operating expenses fell by 0.6%.

Net impairment charges for financing and other financial assets decreased by 26% due to lower impairment charges on loans and advances by 31.5%, which was partially offset by higher impairment charges for other financial assets.

BSF reported a 35% leap in Q4 2024 net profit to SAR 1.12 billion, from SAR 827.48 million a year earlier.

Meanwhile, net profit fell 2.7% quarter-on-quarter from SAR 1.14 billion in Q3 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Net Special Commission Income	1,867.74	2,038.95	9.2 %
Operating Income	2,190.94	2,572.36	17.4 %
Debt Provisions	(413.27)	(355.78)	13.9 %
Net Income	827.48	1,117.00	35.0 %
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.33	0.45	35.0 %
EPS Diluted (Riyal)	0.31	0.41	33.7 %

Item	Q3 2024	Q4 2024	Change‬
Net Special Commission Income	1,985.62	2,038.95	2.7 %
Operating Income	2,412.01	2,572.36	6.6 %
Debt Provisions	(274.54)	(355.78)	(29.6 %)
Net Income	1,148.12	1,117.00	(2.7 %)
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.46	0.45	(2.7 %)
EPS Diluted (Riyal)	0.43	0.41	(4.8 %)

Balance Sheet (B)

Item	2023	2024	Change‬
Assets	253.38	292.78	15.5 %
Customer Deposits	172.21	185.12	7.5 %
Loan	179.39	204.17	13.8 %

Shareholders’ equity, excluding minority interest and after deducting sukuk, rose to SAR 38.61 billion as of Dec. 31, 2024, from SAR 36.40 billion a year earlier.

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Quarterly Actuals vs Estimates 30/01/202529/01/2025

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
JARIR	257.11	275.36	7.1 %
BSF	1,134.13	1,117.00	(1.5 %)
ALINMA	1,583.50	1,528.94	(3.4 %)
BUPA ARABIA	174.02	45.69	(73.7 %)

Company	Estimated	Actual	Change
JARIR	257.11	275.36	7.1 %

Company	Estimated	Actual	Change
BUPA ARABIA	174.02	45.69	(73.7 %)
ALINMA	1,583.50	1,528.94	(3.4 %)
BSF	1,134.13	1,117.00	(1.5 %)

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