BSF H1 2024 profit up 6% to SAR 2.27B; Q2 at SAR 1.12B
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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 | 2,500.00 | 2,500.00 | - |
| Earnings Per Share before unusual items | 0.86 | 0.91 | 6.0 % |
| EPS (Riyals) | 0.86 | 0.91 | 6.0 % |
| EPS Diluted (Riyals) | 0.82 | 0.87 | 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)
| 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 | 2,500.00 | 2,500.00 | - |
| Earnings Per Share before unusual items | 0.43 | 0.45 | 5.2 % |
| EPS (Riyals) | 0.43 | 0.45 | 5.2 % |
| EPS Diluted (Riyal) | 0.41 | 0.43 | 5.9 % |
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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