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Banque Saudi Fransi announces its Interim Financial Results for the Period Ending on 31-03-2024 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Total Income From Special Commission of Financing | 3,292 | 2,651 | 24.179 | 3,029 | 8.682 |
| Total Income From Special Commission of Investment | 530 | 346 | 53.179 | 477 | 11.111 |
| Net Income From Special Commission of Financing | 1,574 | 1,640 | -4.024 | 1,551 | 1.482 |
| Net Income From Special Commission of Investment | 345 | 284 | 21.478 | 317 | 8.832 |
| Total Operations Profit (Loss) | 2,331 | 2,318 | 0.56 | 2,191 | 6.389 |
| Net Profit (Loss) before Zakat and Income Tax | 1,282 | 1,200 | 6.833 | 932 | 37.553 |
| Net Profit/(Loss) | 1,150 | 1,076 | 6.877 | 827 | 39.056 |
| Total Comprehensive Income | 868 | 1,254 | -30.781 | 1,910 | -54.554 |
| Total Operating Expenses Before Provisions for Credit and Other Losses | 773 | 712 | 8.567 | 846 | -8.628 |
| Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net | 276 | 406 | -32.019 | 413 | -33.171 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Assets | 268,376 | 240,236 | 11.713 |
| Investments | 52,923 | 44,807 | 18.113 |
| Loans And Advances Portfolio (Financing And Investment) | 185,408 | 164,779 | 12.519 |
| Clients' deposits | 174,828 | 167,414 | 4.428 |
| Total Shareholder’s Equity (After Deducting The Minority’s Rights) | 41,928 | 39,936 | 4.987 |
| Profit (Loss) per Share | 0.91 | 0.85 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in special commission income during the current quarter compared to the same quarter of the last year is | The gross special commission income increased by 27.5% mainly due to higher return from financing and investments while there was a decrease in net special commission income marginally by 0.3% mainly due to increase in special commission expense. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net income increased mainly due to decrease in total operating expenses by 6.2% as well as increase in total operating income by 0.6%. This decrease in total operating expenses was primarily due to lower impairment charge for expected credit losses on loans and advances, which was partially offset by impairment charge for other financial assets and increase in salaries and employee related expenses. This increase in total operating income was driven by higher trading income and net fee and commission income which was partially offset by reduction in exchange income and net special commission income. |
| The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the same quarter of the last year is | Net impairment charges for financing and other financial assets decreased by 32.0% due to lower Impairment charge on loans and advances by 42.6% which was partially offset by lower impairment charge reversal for investments, financials assets and others. |
| The reason of the increase (decrease) in special commission income during the current quarter compared to the previous quarter is | The gross special commission income was higher by 9.0% primarily driven by volume growth in financing and investments while net special commission income increased by 2.7%. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter is | Net income increased mainly due to increase in total operating income by 6.4% as well as decrease in total operating expenses by 16.7%. This increase in total operating income was driven by higher trading income, net special commission income and net fee and commission income which was partially offset by reduction in exchange income. The decrease in total operating expenses was primarily due to lower impairment charge for expected credit losses on loans and advances, other operating and general and administrative expenses and Depreciation and amortization while there was an increase in salaries and employee related expenses. |
| The reason of the increase (decrease) in the total net provision (reversing entry) of expected credit losses and other losses during the current quarter compared to the previous quarter is | Net impairment charges for financing and other financial assets decreased by 33.2% due to lower Impairment charge on loans and advances by 31.4%, in addition to a marginal provision reversal in impairment charge for investments, financials assets, and others. |
| Statement of the type of external auditor's report | Unmodified Conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Certain prior period numbers have been re-classified to be aligned with the current period presentation. |
| Additional Information | Net Income from Special Commission of Investment is calculated after deducting special commission expense from debt securities and term loans. EPS for the current and the previous periods is calculated by dividing the net income after zakat for the period (adjusted for Tier 1 Sukuk costs) by the weighted average number of shares outstanding after excluding treasury shares. The Tier 1 Sukuk amounting to SAR 5 billion is included as part of Total Equity. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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