BSF H1 2024 profit up 6% to SAR 2.27B; Q2 at SAR 1.12B

05/08/2024 Argaam Exclusive

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Banque Saudi Fransi (BSF) posted a net profit of SAR 2.27 billion in the first six months of 2024, rising 6% from SAR 2.15 billion in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Net Special Commission Income	3,899.47	3,858.44	(1.1 %)
Operating Income	4,665.42	4,673.64	0.2 %
Total Provisions	(912.06)	(569.15)	37.6 %
Net Income	2,149.76	2,279.15	6.0 %
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	1.78	1.89	6.0 %
EPS Diluted (Riyals)	1.70	1.81	6.5 %

Gross special commission income increased by 28.4% year-on-year (YoY) mainly due to higher return on financing and investments, net special commission income fell by 1.1% on higher special commission expense.

Total operating expenses decreased by 6.2%, while total operating income increased by 0.2%.

Net impairment charges for financing and other financial assets decreased by 34.3% due to lower impairment charges on loans and advances by 37.6%, which was partially offset by lower impairment charges reversal for other financial assets.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Net Special Commission Income	1,975.51	1,939.91	(1.8 %)
Operating Income	2,347.34	2,342.35	(0.2 %)
Debt Provisions	(427.01)	(290.52)	32.0 %
Net Income	1,073.35	1,129.18	5.2 %
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	0.89	0.94	5.2 %
EPS Diluted (Riyal)	0.85	0.90	5.9 %

Item	Q1 2024	Q2 2024	Change‬
Net Special Commission Income	1,918.53	1,939.91	1.1 %
Operating Income	2,331.29	2,342.35	0.5 %
Debt Provisions	(278.64)	(290.52)	(4.3 %)
Net Income	1,149.97	1,129.18	(1.8 %)
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	0.95	0.94	(1.8 %)
EPS Diluted (Riyal)	0.91	0.90	(1.1 %)

In Q2 2024, net earnings grew by 5% to SAR 1.12 billion, compared with SAR 1.20 billion a year earlier, driven by a 29.3% rise YoY in gross special commission income and a decline in total operating expenses by 6.2%.

The lender's Q2 2024 bottom line dropped by 1.8% from SAR 1.15 billion in Q1 2024.

Balance Sheet (B)

Item	6m 2023	6m 2024	Change‬
Assets	245.72	288.83	17.5 %
Customer Deposits	161.16	196.25	21.8 %
Loan	169.70	197.16	16.2 %

Total shareholders’ equity, no minority interest or sukuk, reached SAR 36.80 billion as of June 30, 2024, from SAR 34.69 billion a year earlier.

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