BSF net profit rises 27% to SAR 3.39 bln in 9M 2023; Q3 at SAR 1.24 bln

24/10/2023 Argaam Exclusive

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Banque Saudi Fransi (BSF) reported a 27% increase in 9M 2023 net profit to SAR 3.39 billion, compared to SAR 2.67 billion in the prior-year period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Net Special Commission Income	4,647.99	5,967.46	28.4 %
Operating Income	5,774.45	7,133.05	23.5 %
Total Provisions	(889.22)	(1262.85)	(42.0 %)
Net Income	2,672.45	3,395.25	27.0 %
Average Shares	1,205.36	1,205.36	0.0 %
EPS (Riyals)	2.22	2.82	27.0 %
EPS Diluted (Riyals)	2.08	2.69	29.3 %

The bank noted that its total operating income jumped 23.54% year-on-year (YoY) during the current nine-month period, partially offsetting a 19.29% increase in total operating expenses.

The rise in total operating income came on the back of higher net special commission income, net fee and commission income, and, net trading income.

Meanwhile, the total operating expenses led up due to higher impairment charge for expected credit losses on loans and advances, along with salaries and employee-related expenses and other operating, general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Net Special Commission Income	1,716.68	2,067.99	20.5 %
Operating Income	2,083.05	2,467.63	18.5 %
Debt Provisions	(349.50)	(350.79)	(0.4 %)
Net Income	960.87	1,245.49	29.6 %
Average Shares	1,205.36	1,205.36	0.0 %
EPS (Riyals)	0.80	1.03	29.6 %
EPS Diluted (Riyal)	0.75	0.99	32.0 %

Item	Q2 2023	Q3 2023	Change‬
Net Special Commission Income	1,975.51	2,067.99	4.7 %
Operating Income	2,347.34	2,467.63	5.1 %
Debt Provisions	(427.01)	(350.79)	17.8 %
Net Income	1,073.35	1,245.49	16.0 %
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	0.89	1.03	16.0 %
EPS Diluted (Riyal)	0.85	0.99	16.5 %

The third-quarter net profit soared 30% YoY to SAR 1.24 billion due to an increase in total operating income, which was partially offset by lower exchange income and losses on non-trading investments.

Compared with the previous quarter, Q3 2023 net profit jumped 16% from SAR 1.07 billion.

Balance Sheet (B)

Item	9m 2022	9m 2023	Change‬
Assets	231.66	249.86	7.9 %
Customer Deposits	157.82	166.37	5.4 %
Loan	158.48	174.68	10.2 %

Shareholders’ equity, no minority interest, amounted to SAR 34.28 billion by the end of 9M 2023 compared to SAR 32.80 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 %)
Q3 2023	2,067.99	20.5 %	2,467.63	18.5 %	(350.79)	(0.4 %)

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	EPS Before XO Items
Q1 2014	855.78	25.1 %	0.71	-	855.78	0.71
Q2 2014	884.24	15.9 %	0.73	-	884.24	0.73
Q3 2014	925.61	35.0 %	0.77	-	925.61	0.77
Q4 2014	850.71	210.9 %	0.71	-	850.71	0.71
2014	3,516.34	46.2 %	2.92	-	3,516.34	2.92
Q1 2015	1,050.38	22.7 %	0.87	-	1,050.38	0.87
Q2 2015	1,015.83	14.9 %	0.84	-	1,015.83	0.84
Q3 2015	1,020.25	10.2 %	0.85	-	1,020.25	0.85
Q4 2015	949.98	11.7 %	0.79	-	949.98	0.79
2015	4,036.44	14.8 %	3.35	-	4,036.44	3.35
Q1 2016	1,077.80	2.6 %	0.89	-	1,077.80	0.89
Q2 2016	1,048.19	3.2 %	0.87	-	1,048.19	0.87
Q3 2016	1,010.24	(1.0 %)	0.84	-	1,010.24	0.84
Q4 2016	374.01	(60.6 %)	0.31	-	374.01	0.31
2016	3,510.23	(13.0 %)	2.91	-	3,510.23	2.91
Q1 2017	1,103.89	2.4 %	0.92	-	1,103.89	0.92
Q2 2017	1,004.69	(4.1 %)	0.83	-	1,004.69	0.83
Q3 2017	1,000.54	(1.0 %)	0.83	-	1,000.54	0.83
Q4 2017	422.77	13.0 %	0.35	-	422.77	0.35
2017	3,531.88	0.6 %	2.93	-	3,531.88	2.93
Q1 2018	1,049.95	(4.9 %)	0.87	97.31	952.64	0.79
Q2 2018	841.31	(16.3 %)	0.70	-	841.31	0.70
Q3 2018	943.44	(5.7 %)	0.78	-	943.44	0.78
Q4 2018	(1431.68)	(438.6 %)	(1.19)	(1510.67)	78.99	0.07
2018	1,403.02	(60.3 %)	1.16	(1413.36)	2,816.38	2.34
Q1 2019	916.83	(12.7 %)	0.76	-	916.83	0.76
Q2 2019	803.63	(4.5 %)	0.67	-	803.63	0.67
Q3 2019	880.00	(6.7 %)	0.73	-	880.00	0.73
Q4 2019	514.51	135.9 %	0.43	-	514.51	0.43
2019	3,114.97	122.0 %	2.58	-	3,114.97	2.58
Q1 2020	682.08	(25.6 %)	0.57	-	682.08	0.57
Q2 2020	436.80	(45.6 %)	0.36	-	436.80	0.36
Q3 2020	333.39	(62.1 %)	0.28	-	333.39	0.28
Q4 2020	93.95	(81.7 %)	0.08	-	93.95	0.08
2020	1,546.21	(50.4 %)	1.28	-	1,546.21	1.28
Q1 2021	779.68	14.3 %	0.65	-	779.68	0.65
Q2 2021	769.68	76.2 %	0.64	-	769.68	0.64
Q3 2021	907.25	172.1 %	0.75	-	907.25	0.75
Q4 2021	993.27	957.3 %	0.82	-	993.27	0.82
2021	3,449.88	123.1 %	2.86	-	3,449.88	2.86
Q1 2022	874.57	12.2 %	0.73	-	874.57	0.73
Q2 2022	837.02	8.7 %	0.69	-	837.02	0.69
Q3 2022	960.87	5.9 %	0.80	-	960.87	0.80
Q4 2022	902.68	(9.1 %)	0.75	-	902.68	0.75
2022	3,575.13	3.6 %	2.97	-	3,575.13	2.97
Q1 2023	1,076.40	23.1 %	0.89	-	1,076.40	0.89
Q2 2023	1,073.35	28.2 %	0.89	-	1,073.35	0.89
Q3 2023	1,245.49	29.6 %	1.03	-	1,245.49	1.03

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	2,405.58	(20.2 %)	2.00	-	2,405.58	2.00
2014	3,516.34	46.2 %	2.92	-	3,516.34	2.92
2015	4,036.44	14.8 %	3.35	-	4,036.44	3.35
2016	3,510.23	(13.0 %)	2.91	-	3,510.23	2.91
2017	3,531.88	0.6 %	2.93	-	3,531.88	2.93
2018	1,403.02	(60.3 %)	1.16	(1413.36)	2,816.38	2.34
2019	3,114.97	122.0 %	2.58	-	3,114.97	2.58
2020	1,546.21	(50.4 %)	1.28	-	1,546.21	1.28
2021	3,449.88	123.1 %	2.86	-	3,449.88	2.86
2022	3,575.13	3.6 %	2.97	-	3,575.13	2.97

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 %
Q3 2023	1.79 %	12.81 %	82.62 %

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 %
Q3 2023	249.86	7.9 %	166.37	5.4 %	174.68	10.2 %

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 %
9m 2023	249.86	7.9 %	166.37	5.4 %	174.68	10.2 %

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 %
Q3 2023	66.58 %	69.91 %	105.00 %

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)	Adjusted EPS (Riyal)	EPS Diluted (Riyal)	Book Value (BV)
Q1 2014	1,205.36	2.14	2.14	-	20.03
Q2 2014	1,205.36	2.24	2.24	-	20.92
Q3 2014	1,205.36	2.44	2.44	-	20.94
Q4 2014	1,205.36	2.92	2.92	2.92	21.96
Q1 2015	1,205.36	3.08	3.08	3.08	23.28
Q2 2015	1,205.36	3.19	3.19	3.19	23.19
Q3 2015	1,205.36	3.27	3.27	3.27	23.53
Q4 2015	1,205.36	3.35	3.35	3.35	22.80
Q1 2016	1,205.36	3.37	3.37	3.37	24.10
Q2 2016	1,205.36	3.40	3.40	3.40	23.76
Q3 2016	1,205.36	3.39	3.39	3.39	23.61
Q4 2016	1,205.36	2.91	2.91	2.91	24.64
Q1 2017	1,205.36	2.93	2.93	2.94	25.53
Q2 2017	1,205.36	2.90	2.90	2.91	26.24
Q3 2017	1,205.36	2.89	2.89	2.90	26.18
Q4 2017	1,205.36	2.93	2.93	2.94	26.27
Q1 2018	1,205.36	2.89	2.80	2.95	26.29
Q2 2018	1,205.36	2.75	2.67	2.81	26.67
Q3 2018	1,205.36	2.70	2.62	2.77	26.45
Q4 2018	1,205.36	1.16	2.34	3.35	25.60
Q1 2019	1,205.36	1.05	2.31	3.18	26.75
Q2 2019	1,205.36	1.02	2.28	3.15	27.05
Q3 2019	1,205.36	0.97	2.22	3.09	27.06
Q4 2019	1,205.36	2.58	2.58	2.59	27.33
Q1 2020	1,205.36	2.39	2.39	2.40	28.16
Q2 2020	1,205.36	2.09	2.09	2.09	27.94
Q3 2020	1,205.36	1.63	1.63	1.64	27.94
Q4 2020	1,205.36	1.28	1.28	1.24	27.91
Q1 2021	1,205.36	1.36	1.36	1.29	28.37
Q2 2021	1,205.36	1.64	1.64	1.52	28.42
Q3 2021	1,205.36	2.12	2.12	1.95	28.41
Q4 2021	1,205.36	2.86	2.86	2.70	28.78
Q1 2022	1,205.36	2.94	2.94	2.76	28.56
Q2 2022	1,205.36	3.00	3.00	2.82	27.16
Q3 2022	1,205.36	3.04	3.04	2.86	27.22
Q4 2022	1,205.36	2.97	2.97	2.79	28.00
Q1 2023	1,205.36	3.13	3.13	2.96	28.98
Q2 2023	1,205.36	3.33	3.33	3.16	28.78
Q3 2023	1,205.36	3.57	3.57	3.40	28.44

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	EPS Diluted (Riyal)	Book Value (BV)
2013	1,205.36	2.00	2.00	-	19.26
2014	1,205.36	2.92	2.92	2.92	21.96
2015	1,205.36	3.35	3.35	3.35	22.80
2016	1,205.36	2.91	2.91	2.91	24.64
2017	1,205.36	2.93	2.93	2.94	26.27
2018	1,205.36	1.16	2.34	1.17	25.60
2019	1,205.36	2.58	2.58	2.60	27.33
2020	1,205.36	1.28	1.28	1.24	27.91
2021	1,205.36	2.86	2.86	2.70	28.78
2022	1,205.36	2.97	2.97	2.79	28.00

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	13.62	13.62	1.46
Q3 2014	15.70	15.70	1.83
Q4 2014	10.73	10.73	1.43
Q1 2015	10.84	10.84	1.44
Q2 2015	10.08	10.08	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	6.60	6.60	0.94
Q3 2016	6.21	6.21	0.89
Q4 2016	8.94	8.94	1.06
Q1 2017	8.81	8.81	1.01
Q2 2017	10.63	10.63	1.18
Q3 2017	10.42	10.42	1.15
Q4 2017	9.73	9.73	1.09
Q1 2018	9.95	10.24	1.12
Q2 2018	12.06	12.43	1.27
Q3 2018	12.04	12.41	1.26
Q4 2018	9.37	4.67	1.23
Q1 2019	11.67	5.33	1.39
Q2 2019	13.19	5.93	1.54
Q3 2019	10.44	4.55	1.19
Q4 2019	14.63	14.63	1.39
Q1 2020	10.77	10.77	0.92
Q2 2020	13.66	13.66	1.02
Q3 2020	19.70	19.70	1.16
Q4 2020	25.48	25.48	1.13
Q1 2021	25.85	25.85	1.18
Q2 2021	25.26	25.26	1.35
Q3 2021	21.38	21.38	1.47
Q4 2021	17.50	17.50	1.64
Q1 2022	19.46	19.46	1.88
Q2 2022	15.76	15.76	1.75
Q3 2022	14.69	14.69	1.54
Q4 2022	13.62	13.62	1.45
Q1 2023	12.23	12.23	1.25
Q2 2023	12.46	12.46	1.45
Q3 2023	10.74	10.74	1.28

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	8.94	8.94	1.06
2017	9.73	9.73	1.09
2018	26.84	13.37	1.23
2019	14.58	14.58	1.39
2020	25.48	25.48	1.13
2021	16.43	16.43	1.64
2022	13.63	13.63	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
Q3 2023	949.73	1,137.48	252.71	127.71

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	Q3 2023 (e)	Q3 2023 (a)	Change‬
Average	1,138.11	1,245.49	9.44 %

Estimates vs Actual (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change
Riyad Capital	1,205.00	1,245.49	3.4 %
FAB Securities	1,154.00	1,245.49	7.9 %
Goldman Sachs	1,145.13	1,245.49	8.8 %
Bank of America	1,140.79	1,245.49	9.2 %
Hermes	1,126.00	1,245.49	10.6 %
Sico	1,118.00	1,245.49	11.4 %
SNB Capital	1,114.00	1,245.49	11.8 %
OSOOL AND BAKHEET	1,101.93	1,245.49	13.0 %

Financial Ratios

	Current
Market Cap (M Riyal)	37,668.75
Shares Outstanding ((M))	1,205.40
EPS ( Riyal) (TTM)	3.53
EPS Diluted ( Riyal) (TTM)	3.35
Book Value (BV) ( Riyal)	31.62
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	8.85
P/E (TTM)	8.85
Price/book	0.99
Return on Average Assets (%) (TTM)	1.6
Return on Average Equity (%) (TTM)	11.8

Banque Saudi Fransi (BSF)

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BSF net profit rises 27% to SAR 3.39 bln in 9M 2023; Q3 at SAR 1.24 bln

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BSF net profit rises 27% to SAR 3.39 bln in 9M 2023; Q3 at SAR 1.24 bln

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Financials (M)

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Financial results (Million)

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Profit Performance (Million)

Profitability

Profitability

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