BSF H1 2023 profit up 26% to SAR 2.15 bln; Q2 at SAR 1.07 bln

25/07/2023 Argaam Exclusive

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Banque Saudi Fransi (BSF) reported a 26% increase in H1 2023 net profit to SAR 2.15 billion, compared to SAR 1.71 billion in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Net Special Commission Income	2,931.31	3,899.47	33.0 %
Operating Income	3,691.40	4,665.42	26.4 %
Total Provisions	(539.71)	(912.06)	(69.0 %)
Net Income	1,711.59	2,149.76	25.6 %
Average Shares	2,500.00	2,500.00	-
Earnings Per Share before unusual items	0.68	0.86	25.6 %
EPS (Riyals)	0.68	0.86	25.6 %
EPS Diluted (Riyals)	0.64	0.82	27.9 %

The bank attributed the profit growth to an increase of 26.39% in total operating income, which was partially offset by a rise of 27.09% in total operating expenses.

The increase in total operating income was mainly driven by higher net special commission income and exchange income, which were partially offset by a reduction in trading income.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Net Special Commission Income	1,516.47	1,975.51	30.3 %
Operating Income	1,870.36	2,347.34	25.5 %
Debt Provisions	(294.82)	(427.01)	(44.8 %)
Net Income	837.02	1,073.35	28.2 %
Average Shares	2,500.00	2,500.00	-
Earnings Per Share before unusual items	0.33	0.43	28.2 %
EPS (Riyals)	0.33	0.43	28.2 %
EPS Diluted (Riyal)	0.31	0.41	31.0 %

Item	Q1 2023	Q2 2023	Change‬
Net Special Commission Income	1,923.96	1,975.51	2.7 %
Operating Income	2,318.08	2,347.34	1.3 %
Debt Provisions	(485.05)	(427.01)	12.0 %
Net Income	1,076.40	1,073.35	(0.3 %)
Average Shares	2,500.00	2,500.00	-
Earnings Per Share before unusual items	0.43	0.43	(0.3 %)
EPS (Riyals)	0.43	0.43	(0.3 %)
EPS Diluted (Riyal)	0.41	0.41	0.0 %

The second-quarter net profit leapt 28% to SAR 1.07 billion from SAR 837 million in Q2 2022, thanks to an increase of 25.51% in total operating income, which was partially offset by a 22.50% rise in total operating expenses.

Compared with the previous quarter, Q2 2023 net profit fell 0.3% from SAR 1.07 billion.

Balance Sheet (B)

Item	6m 2022	6m 2023	Change‬
Assets	231.27	245.72	6.2 %
Customer Deposits	157.92	161.16	2.1 %
Loan	159.62	169.70	6.3 %

Shareholders’ equity, after minority interest including sukuk, increased to SAR 39.69 billion by the end of H1 2023 from SAR 37.74 billion a year earlier.

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Financial results (Million)

Period	Net Special Commission Income	Change	Operating Income	Change	Debt Provisions	Change
Q1 2014	896.55	12.2 %	1,401.17	16.3 %	(108.57)	15.1 %
Q2 2014	969.86	16.8 %	1,478.33	15.3 %	(105.37)	2.1 %
Q3 2014	980.13	12.7 %	1,486.66	15.8 %	(72.55)	57.1 %
Q4 2014	970.45	12.3 %	1,419.88	10.9 %	(34.44)	93.8 %
2014	3,816.98	13.5 %	5,786.04	14.5 %	(320.93)	66.5 %
Q1 2015	962.89	7.4 %	1,590.11	13.5 %	(37.20)	65.7 %
Q2 2015	1,016.15	4.8 %	1,578.73	6.8 %	(42.97)	59.2 %
Q3 2015	1,044.11	6.5 %	1,588.27	6.8 %	(50.23)	30.8 %
Q4 2015	1,032.13	6.4 %	1,534.38	8.1 %	(50.51)	(46.7 %)
2015	4,055.28	6.2 %	6,291.50	8.7 %	(180.90)	43.6 %
Q1 2016	1,062.82	10.4 %	1,644.92	3.4 %	(41.74)	(12.2 %)
Q2 2016	1,068.80	5.2 %	1,612.88	2.2 %	(36.58)	14.9 %
Q3 2016	1,107.55	6.1 %	1,587.64	0.0 %	(54.53)	(8.6 %)
Q4 2016	1,017.03	(1.5 %)	1,554.28	1.3 %	(635.53)	(1,158.2 %)
2016	4,256.19	5.0 %	6,399.71	1.7 %	(768.37)	(324.7 %)
Q1 2017	1,111.53	4.6 %	1,696.56	3.1 %	(29.04)	30.4 %
Q2 2017	1,167.37	9.2 %	1,630.39	1.1 %	(58.57)	(60.1 %)
Q3 2017	1,207.13	9.0 %	1,629.57	2.6 %	(55.68)	(2.1 %)
Q4 2017	1,213.64	19.3 %	1,619.68	4.2 %	(517.82)	18.5 %
2017	4,699.67	10.4 %	6,576.21	2.8 %	(497.96)	35.2 %
Q1 2018	1,256.00	13.0 %	1,647.17	(2.9 %)	(89.74)	(209.0 %)
Q2 2018	1,252.35	7.3 %	1,665.13	2.1 %	(126.18)	(115.4 %)
Q3 2018	1,261.35	4.5 %	1,696.39	4.1 %	(127.84)	(129.6 %)
Q4 2018	1,247.18	2.8 %	1,692.64	4.5 %	(566.73)	(9.4 %)
2018	5,016.87	6.7 %	6,701.33	1.9 %	(910.50)	(82.8 %)
Q1 2019	1,272.94	1.3 %	1,722.68	4.6 %	(144.17)	(60.6 %)
Q2 2019	1,297.53	3.6 %	1,706.43	2.5 %	(200.32)	(58.8 %)
Q3 2019	1,343.91	6.5 %	1,737.71	2.4 %	(226.22)	(77.0 %)
Q4 2019	1,291.30	3.5 %	1,705.72	0.8 %	(437.86)	22.7 %
2019	5,205.68	3.8 %	6,872.55	2.6 %	(1,008.57)	(10.8 %)
Q1 2020	1,287.24	1.1 %	1,756.94	2.0 %	(397.57)	(175.8 %)
Q2 2020	1,296.83	(0.1 %)	1,760.03	3.1 %	(634.32)	(216.7 %)
Q3 2020	1,375.04	2.3 %	1,750.75	0.8 %	(930.45)	(311.3 %)
Q4 2020	1,281.29	(0.8 %)	1,776.88	4.2 %	(853.99)	(95.0 %)
2020	5,240.39	0.7 %	7,044.59	2.5 %	(2,816.32)	(179.2 %)
Q1 2021	1,287.32	0.0 %	1,795.51	2.2 %	(290.08)	27.0 %
Q2 2021	1,330.43	2.6 %	1,753.66	(0.4 %)	(266.97)	57.9 %
Q3 2021	1,423.60	3.5 %	1,913.97	9.3 %	(296.34)	68.2 %
Q4 2021	1,332.10	4.0 %	1,724.70	(2.9 %)	(167.96)	80.3 %
2021	5,698.65	8.7 %	7,127.93	1.2 %	(961.43)	65.9 %
Q1 2022	1,414.85	9.9 %	1,821.04	1.4 %	(244.89)	15.6 %
Q2 2022	1,516.47	14.0 %	1,870.36	6.7 %	(294.82)	(10.4 %)
Q3 2022	1,716.68	20.6 %	2,083.05	8.8 %	(349.50)	(17.9 %)
Q4 2022	1,778.56	33.5 %	2,242.83	30.0 %	(474.73)	(182.7 %)
2022	6,426.55	12.8 %	8,017.28	12.5 %	(1,363.94)	(41.9 %)
Q1 2023	1,923.96	36.0 %	2,318.08	27.3 %	(485.05)	(98.1 %)
Q2 2023	1,975.51	30.3 %	2,347.34	25.5 %	(427.01)	(44.8 %)

Period	Net Special Commission Income	Change	Operating Income	Change	Debt Provisions	Change
2013	3,363.30	1.7 %	5,052.53	0.9 %	(957.42)	(110.3 %)
2014	3,816.98	13.5 %	5,786.04	14.5 %	(320.93)	66.5 %
2015	4,055.28	6.2 %	6,291.50	8.7 %	(180.90)	43.6 %
2016	4,256.19	5.0 %	6,399.71	1.7 %	(768.37)	(324.7 %)
2017	4,699.67	10.4 %	6,576.21	2.8 %	(497.96)	35.2 %
2018	5,016.87	6.7 %	6,701.33	1.9 %	(910.50)	(82.8 %)
2019	5,205.68	3.8 %	6,872.55	2.6 %	(1,008.57)	(10.8 %)
2020	5,240.39	0.7 %	7,044.59	2.5 %	(2,816.32)	(179.2 %)
2021	5,698.65	8.7 %	7,127.93	1.2 %	(961.43)	65.9 %
2022	6,426.55	12.8 %	8,017.28	12.5 %	(1,363.94)	(41.9 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
Q1 2014	855.78	25.1 %	0.34	-	855.78	0.34
Q2 2014	884.24	15.9 %	0.35	-	884.24	0.35
Q3 2014	925.61	35.0 %	0.37	-	925.61	0.37
Q4 2014	850.71	210.9 %	0.34	-	850.71	0.34
2014	3,516.34	46.2 %	1.41	-	3,516.34	1.41
Q1 2015	1,050.38	22.7 %	0.42	-	1,050.38	0.42
Q2 2015	1,015.83	14.9 %	0.41	-	1,015.83	0.41
Q3 2015	1,020.25	10.2 %	0.41	-	1,020.25	0.41
Q4 2015	949.98	11.7 %	0.38	-	949.98	0.38
2015	4,036.44	14.8 %	1.61	-	4,036.44	1.61
Q1 2016	1,077.80	2.6 %	0.43	-	1,077.80	0.43
Q2 2016	1,048.19	3.2 %	0.42	-	1,048.19	0.42
Q3 2016	1,010.24	(1.0 %)	0.40	-	1,010.24	0.40
Q4 2016	374.01	(60.6 %)	0.15	-	374.01	0.15
2016	3,510.23	(13.0 %)	1.40	-	3,510.23	1.40
Q1 2017	1,103.89	2.4 %	0.44	-	1,103.89	0.44
Q2 2017	1,004.69	(4.1 %)	0.40	-	1,004.69	0.40
Q3 2017	1,000.54	(1.0 %)	0.40	-	1,000.54	0.40
Q4 2017	422.77	13.0 %	0.17	-	422.77	0.17
2017	3,531.88	0.6 %	1.41	-	3,531.88	1.41
Q1 2018	1,049.95	(4.9 %)	0.42	97.31	952.64	0.38
Q2 2018	841.31	(16.3 %)	0.34	-	841.31	0.34
Q3 2018	943.44	(5.7 %)	0.38	-	943.44	0.38
Q4 2018	(1431.68)	(438.6 %)	(0.57)	(1510.67)	78.99	0.03
2018	1,403.02	(60.3 %)	0.56	(1413.36)	2,816.38	1.13
Q1 2019	916.83	(12.7 %)	0.37	-	916.83	0.37
Q2 2019	803.63	(4.5 %)	0.32	-	803.63	0.32
Q3 2019	880.00	(6.7 %)	0.35	-	880.00	0.35
Q4 2019	514.51	135.9 %	0.21	-	514.51	0.21
2019	3,114.97	122.0 %	1.25	-	3,114.97	1.25
Q1 2020	682.08	(25.6 %)	0.27	-	682.08	0.27
Q2 2020	436.80	(45.6 %)	0.17	-	436.80	0.17
Q3 2020	333.39	(62.1 %)	0.13	-	333.39	0.13
Q4 2020	93.95	(81.7 %)	0.04	-	93.95	0.04
2020	1,546.21	(50.4 %)	0.62	-	1,546.21	0.62
Q1 2021	779.68	14.3 %	0.31	-	779.68	0.31
Q2 2021	769.68	76.2 %	0.31	-	769.68	0.31
Q3 2021	907.25	172.1 %	0.36	-	907.25	0.36
Q4 2021	993.27	957.3 %	0.40	-	993.27	0.40
2021	3,449.88	123.1 %	1.38	-	3,449.88	1.38
Q1 2022	874.57	12.2 %	0.35	-	874.57	0.35
Q2 2022	837.02	8.7 %	0.33	-	837.02	0.33
Q3 2022	960.87	5.9 %	0.38	-	960.87	0.38
Q4 2022	902.68	(9.1 %)	0.36	-	902.68	0.36
2022	3,575.13	3.6 %	1.43	-	3,575.13	1.43
Q1 2023	1,076.40	23.1 %	0.43	-	1,076.40	0.43
Q2 2023	1,073.35	28.2 %	0.43	-	1,073.35	0.43

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
2013	2,405.58	(20.2 %)	0.96	-	2,405.58	0.96
2014	3,516.34	46.2 %	1.41	-	3,516.34	1.41
2015	4,036.44	14.8 %	1.61	-	4,036.44	1.61
2016	3,510.23	(13.0 %)	1.40	-	3,510.23	1.40
2017	3,531.88	0.6 %	1.41	-	3,531.88	1.41
2018	1,403.02	(60.3 %)	0.56	(1413.36)	2,816.38	1.13
2019	3,114.97	122.0 %	1.25	-	3,114.97	1.25
2020	1,546.21	(50.4 %)	0.62	-	1,546.21	0.62
2021	3,449.88	123.1 %	1.38	-	3,449.88	1.38
2022	3,575.13	3.6 %	1.43	-	3,575.13	1.43

Profitability

Period	Return On Average Assets	Return on Average Equity	Net Interest Income/Total Operating Income
Q1 2014	1.48 %	10.85 %	65.93 %
Q2 2014	1.54 %	11.20 %	66.12 %
Q3 2014	1.67 %	12.12 %	65.71 %
Q4 2014	1.96 %	14.15 %	65.97 %
2014	1.96 %	14.15 %	65.97 %
Q1 2015	1.96 %	14.22 %	64.99 %
Q2 2015	2.08 %	14.45 %	64.68 %
Q3 2015	2.14 %	14.69 %	64.65 %
Q4 2015	2.17 %	14.96 %	64.46 %
2015	2.17 %	14.96 %	64.46 %
Q1 2016	2.15 %	14.23 %	65.47 %
Q2 2016	2.16 %	14.48 %	65.95 %
Q3 2016	2.15 %	14.38 %	66.95 %
Q4 2016	1.81 %	12.28 %	66.51 %
2016	1.81 %	12.28 %	66.51 %
Q1 2017	1.82 %	11.82 %	66.73 %
Q2 2017	1.75 %	11.59 %	68.07 %
Q3 2017	1.75 %	11.61 %	69.16 %
Q4 2017	1.78 %	11.51 %	71.46 %
2017	1.78 %	11.51 %	71.46 %
Q1 2018	1.79 %	11.14 %	74.22 %
Q2 2018	1.68 %	10.39 %	75.12 %
Q3 2018	1.67 %	10.27 %	75.18 %
Q4 2018	0.73 %	4.49 %	74.86 %
2018	0.73 %	4.49 %	74.86 %
Q1 2019	0.68 %	3.97 %	74.28 %
Q2 2019	0.66 %	3.81 %	74.49 %
Q3 2019	0.62 %	3.62 %	75.25 %
Q4 2019	1.69 %	9.76 %	75.75 %
2019	1.69 %	9.76 %	75.75 %
Q1 2020	1.48 %	8.70 %	75.58 %
Q2 2020	1.29 %	7.58 %	74.99 %
Q3 2020	1.02 %	5.93 %	75.29 %
Q4 2020	0.83 %	4.64 %	74.39 %
2020	0.83 %	4.64 %	74.39 %
Q1 2021	0.82 %	4.82 %	73.98 %
Q2 2021	0.96 %	5.82 %	74.53 %
Q3 2021	1.24 %	7.51 %	73.52 %
Q4 2021	1.68 %	10.10 %	74.76 %
2021	1.68 %	10.10 %	79.95 %
Q1 2022	1.67 %	10.33 %	76.26 %
Q2 2022	1.63 %	10.78 %	77.58 %
Q3 2022	1.65 %	10.93 %	79.74 %
Q4 2022	1.60 %	10.45 %	80.16 %
2022	1.60 %	10.45 %	80.16 %
Q1 2023	1.63 %	10.89 %	81.46 %
Q2 2023	1.68 %	11.90 %	82.24 %

Period	Return On Average Assets	Return on Average Equity	Net Interest Income/Total Operating Income
2013	1.47 %	10.48 %	66.57 %
2014	1.96 %	14.15 %	65.97 %
2015	2.17 %	14.96 %	64.46 %
2016	1.81 %	12.28 %	66.51 %
2017	1.78 %	11.51 %	71.46 %
2018	0.73 %	4.49 %	74.86 %
2019	1.69 %	9.76 %	75.75 %
2020	0.83 %	4.64 %	74.39 %
2021	1.68 %	10.10 %	79.95 %
2022	1.60 %	10.45 %	80.16 %

Balance Sheet (B)

Period	Assets	Change	Customer Deposits	Change	Loan	Change
Q1 2014	184.28	12.4 %	137.91	15.6 %	114.84	8.5 %
Q2 2014	184.31	11.2 %	134.41	7.9 %	117.39	6.5 %
Q3 2014	183.24	9.0 %	131.94	5.6 %	118.22	5.0 %
Q4 2014	188.78	11.0 %	145.28	10.4 %	116.54	4.7 %
Q1 2015	193.88	5.2 %	150.21	8.9 %	120.79	5.2 %
Q2 2015	185.95	0.9 %	142.63	6.1 %	125.04	6.5 %
Q3 2015	184.99	1.0 %	143.95	9.1 %	124.41	5.2 %
Q4 2015	183.72	(2.7 %)	141.85	(2.4 %)	123.77	6.2 %
Q1 2016	184.02	(5.1 %)	141.82	(5.6 %)	124.98	3.5 %
Q2 2016	193.91	4.3 %	138.81	(2.7 %)	129.64	3.7 %
Q3 2016	195.74	5.8 %	147.28	2.3 %	133.94	7.7 %
Q4 2016	203.43	10.7 %	158.46	11.7 %	129.46	4.6 %
Q1 2017	204.36	11.1 %	158.47	11.7 %	129.09	3.3 %
Q2 2017	205.34	5.9 %	163.90	18.1 %	129.38	(0.2 %)
Q3 2017	201.70	3.0 %	155.47	5.6 %	128.95	(3.7 %)
Q4 2017	192.93	(5.2 %)	150.95	(4.7 %)	121.94	(5.8 %)
Q1 2018	184.02	(10.0 %)	141.94	(10.4 %)	123.88	(4.0 %)
Q2 2018	188.96	(8.0 %)	146.70	(10.5 %)	122.81	(5.1 %)
Q3 2018	189.34	(6.1 %)	146.69	(5.6 %)	123.70	(4.1 %)
Q4 2018	190.25	(1.4 %)	148.37	(1.7 %)	120.63	(1.1 %)
Q1 2019	190.04	3.3 %	144.82	2.0 %	121.27	(2.1 %)
Q2 2019	186.58	(1.3 %)	142.23	(3.1 %)	124.23	1.2 %
Q3 2019	186.37	(1.6 %)	141.90	(3.3 %)	123.44	(0.2 %)
Q4 2019	178.15	(6.4 %)	132.84	(10.5 %)	125.73	4.2 %
Q1 2020	199.18	4.8 %	146.77	1.3 %	134.88	11.2 %
Q2 2020	201.95	8.2 %	138.05	(2.9 %)	135.75	9.3 %
Q3 2020	197.44	5.9 %	135.65	(4.4 %)	134.36	8.8 %
Q4 2020	194.07	8.9 %	127.11	(4.3 %)	130.56	3.8 %
Q1 2021	202.23	1.5 %	132.99	(9.4 %)	134.10	(0.6 %)
Q2 2021	211.31	4.6 %	140.80	2.0 %	141.81	4.5 %
Q3 2021	213.34	8.0 %	143.32	5.7 %	144.39	7.5 %
Q4 2021	215.80	11.2 %	141.95	11.7 %	147.81	13.2 %
Q1 2022	222.21	9.9 %	150.76	13.4 %	152.69	13.9 %
Q2 2022	231.27	9.4 %	157.92	12.2 %	159.62	12.6 %
Q3 2022	231.66	8.6 %	157.82	10.1 %	158.48	9.8 %
Q4 2022	232.08	7.5 %	157.59	11.0 %	159.01	7.6 %
Q1 2023	240.24	8.1 %	167.41	11.0 %	164.78	7.9 %
Q2 2023	245.72	6.2 %	161.16	2.1 %	169.70	6.3 %

Period	Assets	Change	Customer Deposits	Change	Loan	Change
3m 2014	184.28	12.4 %	137.91	15.6 %	114.84	8.5 %
6m 2014	184.31	11.2 %	134.41	7.9 %	117.39	6.5 %
9m 2014	183.24	9.0 %	131.94	5.6 %	118.22	5.0 %
12m 2014	188.78	11.0 %	145.28	10.4 %	116.54	4.7 %
3m 2015	193.88	5.2 %	150.21	8.9 %	120.79	5.2 %
6m 2015	185.95	0.9 %	142.63	6.1 %	125.04	6.5 %
9m 2015	184.99	1.0 %	143.95	9.1 %	124.41	5.2 %
12m 2015	183.72	(2.7 %)	141.85	(2.4 %)	123.77	6.2 %
3m 2016	184.02	(5.1 %)	141.82	(5.6 %)	124.98	3.5 %
6m 2016	193.91	4.3 %	138.81	(2.7 %)	129.64	3.7 %
9m 2016	195.74	5.8 %	147.28	2.3 %	133.94	7.7 %
12m 2016	203.43	10.7 %	158.46	11.7 %	129.46	4.6 %
3m 2017	204.36	11.1 %	158.47	11.7 %	129.09	3.3 %
6m 2017	205.34	5.9 %	163.90	18.1 %	129.38	(0.2 %)
9m 2017	201.70	3.0 %	155.47	5.6 %	128.95	(3.7 %)
12m 2017	192.93	(5.2 %)	150.95	(4.7 %)	121.94	(5.8 %)
3m 2018	184.02	(10.0 %)	141.94	(10.4 %)	123.88	(4.0 %)
6m 2018	188.96	(8.0 %)	146.70	(10.5 %)	122.81	(5.1 %)
9m 2018	189.34	(6.1 %)	146.69	(5.6 %)	123.70	(4.1 %)
12m 2018	190.25	(1.4 %)	148.37	(1.7 %)	120.63	(1.1 %)
3m 2019	190.04	3.3 %	144.82	2.0 %	121.27	(2.1 %)
6m 2019	186.58	(1.3 %)	142.23	(3.1 %)	124.23	1.2 %
9m 2019	186.37	(1.6 %)	141.90	(3.3 %)	123.44	(0.2 %)
12m 2019	178.15	(6.4 %)	132.84	(10.5 %)	125.73	4.2 %
3m 2020	199.18	4.8 %	146.77	1.3 %	134.88	11.2 %
6m 2020	201.95	8.2 %	138.05	(2.9 %)	135.75	9.3 %
9m 2020	197.44	5.9 %	135.65	(4.4 %)	134.36	8.8 %
12m 2020	194.07	8.9 %	127.11	(4.3 %)	130.56	3.8 %
3m 2021	202.23	1.5 %	132.99	(9.4 %)	134.10	(0.6 %)
6m 2021	211.31	4.6 %	140.80	2.0 %	141.81	4.5 %
9m 2021	213.34	8.0 %	143.32	5.7 %	144.39	7.5 %
12m 2021	215.80	11.2 %	141.95	11.7 %	147.81	13.2 %
3m 2022	222.21	9.9 %	150.76	13.4 %	152.69	13.9 %
6m 2022	231.27	9.4 %	157.92	12.2 %	159.62	12.6 %
9m 2022	231.66	8.6 %	157.82	10.1 %	158.48	9.8 %
12m 2022	232.08	7.5 %	157.59	11.0 %	159.01	7.6 %
3m 2023	240.24	8.1 %	167.41	11.0 %	164.78	7.9 %
6m 2023	245.72	6.2 %	161.16	2.1 %	169.70	6.3 %

Period	Assets	Change	Customer Deposits	Change	Loan	Change
2013	170.06	7.8 %	131.60	13.9 %	111.31	8.3 %
2014	188.78	11.0 %	145.28	10.4 %	116.54	4.7 %
2015	183.72	(2.7 %)	141.85	(2.4 %)	123.77	6.2 %
2016	203.43	10.7 %	158.46	11.7 %	129.46	4.6 %
2017	192.93	(5.2 %)	150.95	(4.7 %)	121.94	(5.8 %)
2018	190.25	(1.4 %)	148.37	(1.7 %)	120.63	(1.1 %)
2019	178.15	(6.4 %)	132.84	(10.5 %)	125.73	4.2 %
2020	194.07	8.9 %	127.11	(4.3 %)	130.56	3.8 %
2021	215.80	11.2 %	141.95	11.7 %	147.81	13.2 %
2022	232.08	7.5 %	157.59	11.0 %	159.01	7.6 %

Ratios

Period	Customer Deposits Per Total Assets	Loans and advances/Total assets	Loans and advances/Customers Deposits
Q1 2014	74.84 %	62.32 %	83.27 %
Q2 2014	72.92 %	63.69 %	87.34 %
Q3 2014	72.00 %	64.52 %	89.60 %
Q4 2014	76.96 %	61.73 %	80.22 %
Q1 2015	77.47 %	62.30 %	80.42 %
Q2 2015	76.70 %	67.24 %	87.67 %
Q3 2015	77.82 %	67.25 %	86.43 %
Q4 2015	77.21 %	67.37 %	87.25 %
Q1 2016	77.07 %	67.92 %	88.12 %
Q2 2016	71.58 %	66.85 %	93.39 %
Q3 2016	75.24 %	68.43 %	90.94 %
Q4 2016	77.89 %	63.64 %	81.70 %
Q1 2017	77.54 %	63.17 %	81.46 %
Q2 2017	79.82 %	63.01 %	78.94 %
Q3 2017	77.08 %	63.93 %	82.94 %
Q4 2017	78.24 %	63.20 %	80.78 %
Q1 2018	77.14 %	67.32 %	87.28 %
Q2 2018	77.64 %	64.99 %	83.71 %
Q3 2018	77.48 %	65.33 %	84.33 %
Q4 2018	77.99 %	63.41 %	81.31 %
Q1 2019	76.21 %	63.82 %	83.74 %
Q2 2019	76.23 %	66.58 %	87.35 %
Q3 2019	76.14 %	66.23 %	86.99 %
Q4 2019	74.57 %	70.57 %	94.65 %
Q1 2020	73.69 %	67.72 %	91.90 %
Q2 2020	68.36 %	67.22 %	98.34 %
Q3 2020	68.71 %	68.05 %	99.04 %
Q4 2020	65.50 %	67.28 %	102.72 %
Q1 2021	65.76 %	66.31 %	100.84 %
Q2 2021	66.63 %	67.11 %	100.71 %
Q3 2021	67.18 %	67.68 %	100.75 %
Q4 2021	65.78 %	68.49 %	104.13 %
Q1 2022	67.84 %	68.71 %	101.28 %
Q2 2022	68.28 %	69.02 %	101.08 %
Q3 2022	68.13 %	68.41 %	100.42 %
Q4 2022	67.90 %	68.52 %	100.90 %
Q1 2023	69.69 %	68.59 %	98.43 %
Q2 2023	65.59 %	69.06 %	105.29 %

Period	Customer Deposits Per Total Assets	Loans and advances/Total assets	Loans and advances/Customers Deposits
2013	77.39 %	65.45 %	84.58 %
2014	76.96 %	61.73 %	80.22 %
2015	77.21 %	67.37 %	87.25 %
2016	77.89 %	63.64 %	81.70 %
2017	78.24 %	63.20 %	80.78 %
2018	77.99 %	63.41 %	81.31 %
2019	74.57 %	70.57 %	94.65 %
2020	65.50 %	67.28 %	102.72 %
2021	65.78 %	68.49 %	104.13 %
2022	67.90 %	68.52 %	100.90 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	EPS Diluted (Riyal)	Book Value (BV)
Q1 2014	2,500.00	1.03	1.03	-	9.66
Q2 2014	2,500.00	1.08	1.08	-	10.09
Q3 2014	2,500.00	1.18	1.18	-	10.10
Q4 2014	2,500.00	1.41	1.41	1.41	10.59
Q1 2015	2,500.00	1.48	1.48	1.48	11.22
Q2 2015	2,500.00	1.54	1.54	1.54	11.18
Q3 2015	2,500.00	1.57	1.57	1.58	11.34
Q4 2015	2,500.00	1.61	1.61	1.62	10.99
Q1 2016	2,500.00	1.63	1.63	1.63	11.62
Q2 2016	2,500.00	1.64	1.64	1.64	11.46
Q3 2016	2,500.00	1.63	1.63	1.63	11.39
Q4 2016	2,500.00	1.40	1.40	1.40	11.88
Q1 2017	2,500.00	1.41	1.41	1.42	12.31
Q2 2017	2,500.00	1.40	1.40	1.40	12.65
Q3 2017	2,500.00	1.39	1.39	1.40	12.62
Q4 2017	2,500.00	1.41	1.41	1.42	12.66
Q1 2018	2,500.00	1.39	1.35	1.42	12.68
Q2 2018	2,500.00	1.33	1.29	1.36	12.86
Q3 2018	2,500.00	1.30	1.26	1.34	12.75
Q4 2018	2,500.00	0.56	1.13	0.59	12.34
Q1 2019	2,500.00	0.51	1.11	0.51	12.90
Q2 2019	2,500.00	0.49	1.10	0.50	13.04
Q3 2019	2,500.00	0.47	1.07	0.47	13.04
Q4 2019	2,500.00	1.25	1.25	1.25	13.18
Q1 2020	2,500.00	1.15	1.15	1.16	13.58
Q2 2020	2,500.00	1.01	1.01	1.01	13.47
Q3 2020	2,500.00	0.79	0.79	0.79	13.47
Q4 2020	2,500.00	0.62	0.62	0.60	13.45
Q1 2021	2,500.00	0.66	0.66	0.62	13.68
Q2 2021	2,500.00	0.79	0.79	0.73	13.70
Q3 2021	2,500.00	1.02	1.02	0.94	13.70
Q4 2021	2,500.00	1.38	1.38	1.30	13.87
Q1 2022	2,500.00	1.42	1.42	1.33	13.77
Q2 2022	2,500.00	1.44	1.44	1.36	13.10
Q3 2022	2,500.00	1.47	1.47	1.38	13.12
Q4 2022	2,500.00	1.43	1.43	1.35	13.50
Q1 2023	2,500.00	1.51	1.51	1.43	13.97
Q2 2023	2,500.00	1.61	1.61	1.52	13.88

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	EPS Diluted (Riyal)	Book Value (BV)
2013	2,500.00	0.96	0.96	-	9.29
2014	2,500.00	1.41	1.41	1.41	10.59
2015	2,500.00	1.61	1.61	1.62	10.99
2016	2,500.00	1.40	1.40	1.40	11.88
2017	2,500.00	1.41	1.41	1.42	12.66
2018	2,500.00	0.56	1.13	0.56	12.34
2019	2,500.00	1.25	1.25	1.25	13.18
2020	2,500.00	0.62	0.62	0.60	13.45
2021	2,500.00	1.38	1.38	1.30	13.87
2022	2,500.00	1.43	1.43	1.35	13.50

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	14.21	14.21	1.52
Q2 2014	13.63	13.63	1.46
Q3 2014	15.71	15.71	1.83
Q4 2014	10.74	10.74	1.43
Q1 2015	10.86	10.86	1.44
Q2 2015	10.09	10.09	1.39
Q3 2015	9.17	9.17	1.27
Q4 2015	8.36	8.36	1.23
Q1 2016	7.50	7.50	1.05
Q2 2016	6.61	6.61	0.95
Q3 2016	6.21	6.21	0.89
Q4 2016	8.95	8.95	1.06
Q1 2017	8.81	8.81	1.01
Q2 2017	10.63	10.63	1.18
Q3 2017	10.43	10.43	1.15
Q4 2017	9.73	9.73	1.09
Q1 2018	9.96	10.24	1.12
Q2 2018	12.07	12.43	1.27
Q3 2018	12.04	12.41	1.26
Q4 2018	25.54	12.72	1.23
Q1 2019	35.02	16.00	1.39
Q2 2019	40.41	18.15	1.54
Q3 2019	33.31	14.53	1.19
Q4 2019	14.65	14.65	1.39
Q1 2020	10.78	10.78	0.92
Q2 2020	13.66	13.66	1.02
Q3 2020	19.70	19.70	1.16
Q4 2020	25.49	25.49	1.13
Q1 2021	25.86	25.86	1.18
Q2 2021	25.31	25.31	1.35
Q3 2021	21.42	21.42	1.47
Q4 2021	17.52	17.52	1.64
Q1 2022	19.48	19.48	1.88
Q2 2022	16.83	16.83	1.75
Q3 2022	14.69	14.69	1.54
Q4 2022	14.56	14.56	1.45
Q1 2023	12.24	12.24	1.25
Q2 2023	13.20	13.20	1.45

Period	P/E	Adjusted P/E	Price/book
2013	13.12	13.12	1.36
2014	10.73	10.73	1.43
2015	8.36	8.36	1.23
2016	8.95	8.95	1.06
2017	9.73	9.73	1.09
2018	26.86	13.38	1.23
2019	14.58	14.58	1.39
2020	25.49	25.49	1.13
2021	17.51	17.51	1.64
2022	14.56	14.56	1.45

Business Segments (Million)

Compared With The

Period	Retail	Corporate and Institutional Banking	Global markets and Treasury	Investment Banking and Brokerage
Q1 2014	359.17	641.86	317.26	82.88
Q2 2014	363.90	677.81	323.07	113.54
Q3 2014	358.79	710.77	327.64	89.46
Q4 2014	337.63	710.37	295.37	76.51
Q1 2015	356.05	751.84	394.64	87.58
Q2 2015	384.66	783.42	310.86	99.80
Q3 2015	387.40	789.72	337.51	73.65
Q4 2015	378.07	733.50	362.98	59.83
Q1 2016	388.71	788.11	404.21	63.89
Q2 2016	376.51	778.41	372.61	85.35
Q3 2016	369.75	787.13	373.80	56.95
Q4 2016	356.09	749.20	380.12	68.87
Q1 2017	381.68	808.87	443.31	62.71
Q2 2017	393.76	744.34	431.18	61.12
Q3 2017	403.67	719.52	440.01	66.36
Q4 2017	373.70	727.85	444.55	73.59
Q1 2018	407.50	758.45	519.07	59.45
Q2 2018	407.35	751.38	424.40	82.01
Q3 2018	462.47	780.06	392.81	61.04
Q4 2018	473.69	802.76	340.72	75.47
Q1 2019	459.73	780.74	404.56	77.65
Q2 2019	480.12	738.08	411.06	77.17
Q3 2019	466.64	806.94	403.56	60.59
Q4 2019	478.28	734.02	415.17	78.26
Q1 2020	459.26	740.72	474.75	82.22
Q2 2020	421.72	773.10	490.01	75.20
Q3 2020	473.03	715.80	473.82	88.10
Q4 2020	456.72	696.80	507.10	116.25
Q1 2021	488.28	717.24	453.16	136.84
Q2 2021	485.90	715.32	444.85	107.59
Q3 2021	472.08	802.68	528.60	110.61
Q4 2021	419.61	708.78	432.08	104.32
Q1 2022	464.79	724.53	513.22	118.50
Q2 2022	515.25	790.28	452.03	112.81
Q3 2022	582.32	968.71	433.14	98.88
Q4 2022	694.52	1,060.42	367.41	120.49
Q1 2023	804.07	1,047.59	370.01	96.41
Q2 2023	882.84	1,024.48	332.40	107.63

Period	Retail	Corporate and Institutional Banking	Global markets and Treasury	Investment Banking and Brokerage
2013	1,450.36	2,518.98	806.20	276.99
2014	1,419.49	2,740.81	1,263.34	362.39
2015	1,506.18	3,058.47	1,405.99	320.86
2016	1,491.06	3,102.85	1,530.73	275.06
2017	1,552.81	3,000.58	1,759.04	263.78
2018	1,751.02	3,092.65	1,677.01	277.97
2019	1,884.77	3,059.77	1,634.34	293.68
2020	1,810.73	2,926.42	1,945.68	361.77
2021	1,865.86	2,944.02	1,858.69	459.35
2022	2,256.87	3,543.95	1,765.79	450.67

Analysts Estimates (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	1,128.05	1,073.35	(4.8 %)

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
OSOOL AND BAKHEET	1,108.30	1,073.35	(3.3) %
Hermes	1,109.00	1,073.35	(3.3) %
HSBC	1,113.00	1,073.35	(3.7) %
Bank of America	1,121.00	1,073.35	(4.4) %
SNB Capital	1,127.00	1,073.35	(5.0) %
Riyad Capital	1,132.00	1,073.35	(5.5) %
Goldman Sachs	1,145.13	1,073.35	(6.7) %
FAB Securities	1,169.00	1,073.35	(8.9) %

Financial Ratios

	Current
Market Cap (M Riyal)	42,400.00
Shares Outstanding ((M))	2,500.00
EPS ( Riyal) (TTM)	1.82
EPS Diluted ( Riyal) (TTM)	1.72
Book Value (BV) ( Riyal)	15.44
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	9.33
P/E (TTM)	9.33
Price/book	1.10
Return on Average Assets (%) (TTM)	1.7
Return on Average Equity (%) (TTM)	12.1

Banque Saudi Fransi (BSF)

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BSF H1 2023 profit up 26% to SAR 2.15 bln; Q2 at SAR 1.07 bln

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BSF H1 2023 profit up 26% to SAR 2.15 bln; Q2 at SAR 1.07 bln

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Financials (M)

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Financial results (Million)

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Profit Performance (Million)

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