BSF profit slightly up at SAR 3.42B in 9M 2024; Q3 at SAR 1.14B

22/10/2024 Argaam Exclusive

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Banque Saudi Fransi (BSF) reported a slight increase in 9M 2024 net profit to SAR 3.42 billion, compared to SAR 3.39 billion in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Net Special Commission Income	5,967.46	5,844.06	(2.1 %)
Operating Income	7,133.05	7,085.64	(0.7 %)
Total Provisions	(1262.85)	(821.21)	35.0 %
Net Income	3,395.25	3,427.27	0.9 %
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	2.82	2.84	0.9 %
EPS Diluted (Riyals)	2.69	2.71	0.7 %

The lender attributed the nine-month profit growth to a 25.7% year-on-year (YoY) increase in gross special commission income, mainly due to higher return on financing and investments. Meanwhile, net special commission income dropped by 2.1% YoY on higher special commission expenses.

Further, total operating expenses declined YoY for the nine-month period, primarily due to a reduction in the provision for expected credit losses on loans and advances. However, this was partially capped by an uptick in wages and expenses, general and administrative expenses, the provision for other financial assets, and depreciation and amortization.

Net impairment charges for financing and other financial assets contracted by 30.2% YoY as impairment charges on loans and advances plunged by 35% YoY. This was partially offset by higher impairment charges for other financial assets.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Net Special Commission Income	2,067.99	1,985.62	(4.0 %)
Operating Income	2,467.63	2,412.01	(2.3 %)
Debt Provisions	(350.79)	(252.06)	28.1 %
Net Income	1,245.49	1,148.12	(7.8 %)
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	1.03	0.95	(7.8 %)
EPS Diluted (Riyal)	0.99	0.90	(9.1 %)

Item	Q2 2024	Q3 2024	Change‬
Net Special Commission Income	1,939.91	1,985.62	2.4 %
Operating Income	2,342.35	2,412.01	3.0 %
Debt Provisions	(290.52)	(252.06)	13.2 %
Net Income	1,129.18	1,148.12	1.7 %
Average Shares	1,205.36	1,205.36	-
EPS (Riyals)	0.94	0.95	1.7 %
EPS Diluted (Riyal)	0.90	0.90	0.0 %

The third-quarter net profit fell 8% YoY to SAR 1.14 billion, due to higher total operating expenses and lower total operating income.

However, the bank reported a 21% YoY rise in gross special commission income and a 4% YoY slip in net special commission income during Q3.

Compared with the previous quarter, Q3 2024 net profit grew 1.7% from SAR 1.12 billion.

Balance Sheet (B)

Item	9m 2023	9m 2024	Change‬
Assets	249.86	287.67	15.1 %
Customer Deposits	166.37	193.34	16.2 %
Loan	174.68	201.01	15.1 %

Shareholders’ equity, no minority interest and after sukuk, amounted to SAR 38.11 billion by the end of 9M 2024, compared to SAR 34.28 billion a year earlier.

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Financial results (Million)

Period	Net Special Commission Income	Change	Operating Income	Change	Debt Provisions	Change
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 %)
Q4 2023	1,867.74	5.0 %	2,190.94	(2.3 %)	(405.97)	14.5 %
2023	7,835.20	21.9 %	9,323.99	16.3 %	(1,668.82)	(22.4 %)
Q1 2024	1,918.53	(0.3 %)	2,331.29	0.6 %	(278.64)	42.6 %
Q2 2024	1,939.91	(1.8 %)	2,342.35	(0.2 %)	(290.52)	32.0 %
Q3 2024	1,985.62	(4.0 %)	2,412.01	(2.3 %)	(252.06)	28.1 %

Period	Net Special Commission Income	Change	Operating Income	Change	Debt Provisions	Change
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 %)
2023	7,835.20	21.9 %	9,323.99	16.3 %	(1,668.82)	(22.4 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
Q4 2023	827.48	(8.3 %)	0.69	-	827.48	0.69
2023	4,222.73	18.1 %	3.50	-	4,222.73	3.50
Q1 2024	1,149.97	6.8 %	0.95	-	1,149.97	0.95
Q2 2024	1,129.18	5.2 %	0.94	-	1,129.18	0.94
Q3 2024	1,148.12	(7.8 %)	0.95	-	1,148.12	0.95

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2023	4,222.73	18.1 %	3.50	-	4,222.73	3.50

Profitability

Period	Return On Average Assets	Return on Average Equity	Net Interest Income/Total Operating Income
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 %
Q4 2023	1.74 %	12.09 %	84.03 %
2023	1.74 %	12.09 %	84.03 %
Q1 2024	1.69 %	11.96 %	83.86 %
Q2 2024	1.63 %	12.17 %	83.52 %
Q3 2024	1.58 %	11.75 %	83.13 %

Period	Return On Average Assets	Return on Average Equity	Net Interest Income/Total Operating Income
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 %
2023	1.74 %	12.09 %	84.03 %

Balance Sheet (B)

Period	Assets	Change	Customer Deposits	Change	Loan	Change
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 %
Q4 2023	253.38	9.2 %	172.21	9.3 %	179.39	12.8 %
Q1 2024	268.38	11.7 %	174.83	4.4 %	185.41	12.5 %
Q2 2024	288.83	17.5 %	196.25	21.8 %	197.16	16.2 %
Q3 2024	287.67	15.1 %	193.34	16.2 %	201.01	15.1 %

Period	Assets	Change	Customer Deposits	Change	Loan	Change
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 %
12m 2023	253.38	9.2 %	172.21	9.3 %	179.39	12.8 %
3m 2024	268.38	11.7 %	174.83	4.4 %	185.41	12.5 %
6m 2024	288.83	17.5 %	196.25	21.8 %	197.16	16.2 %
9m 2024	287.67	15.1 %	193.34	16.2 %	201.01	15.1 %

Period	Assets	Change	Customer Deposits	Change	Loan	Change
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 %
2023	253.38	9.2 %	172.21	9.3 %	179.39	12.8 %

Ratios

Period	Customer Deposits Per Total Assets	Loans and advances/Total assets	Loans and advances/Customers Deposits
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 %
Q4 2023	67.96 %	70.80 %	104.17 %
Q1 2024	65.14 %	69.09 %	106.05 %
Q2 2024	67.95 %	68.26 %	100.46 %
Q3 2024	67.21 %	69.87 %	103.97 %

Period	Customer Deposits Per Total Assets	Loans and advances/Total assets	Loans and advances/Customers Deposits
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 %
2023	67.96 %	70.80 %	104.17 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	EPS Diluted (Riyal)	Book Value (BV)
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
Q4 2023	1,205.36	3.50	3.50	3.33	29.97
Q1 2024	1,205.36	3.56	3.56	3.39	30.64
Q2 2024	1,205.36	3.61	3.61	3.44	30.54
Q3 2024	1,205.36	3.53	3.53	3.35	31.62

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	EPS Diluted (Riyal)	Book Value (BV)
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
2023	1,205.36	3.50	3.50	3.33	29.97

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2023	11.35	11.35	1.33
Q1 2024	11.24	11.24	1.24
Q2 2024	9.75	9.75	1.16
Q3 2024	9.61	9.61	1.02

Period	P/E	Adjusted P/E	Price/book
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
2023	11.35	11.35	1.33

Business Segments (Million)

Compared With The

Period	Retail	Corporate and Institutional Banking	Global markets and Treasury	Investment Banking and Brokerage
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
Q4 2023	942.31	1,057.38	54.04	137.22
Q1 2024	1,040.50	1,163.67	7.65	119.48
Q2 2024	1,015.57	1,295.01	(114.54)	146.31
Q3 2024	964.15	1,346.32	(36.80)	138.34

Period	Retail	Corporate and Institutional Banking	Global markets and Treasury	Investment Banking and Brokerage
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
2023	3,578.94	4,266.93	1,009.16	468.97

Analysts Estimates (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change‬
Average	1,167.17	1,148.12	(1.6 %)

Estimates vs Actual (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change
Riyad Capital	1,139.00	1,148.12	0.8 %
Hermes	1,176.00	1,148.12	(2.4) %
Sico	1,183.00	1,148.12	(2.9) %
SNB Capital	1,202.00	1,148.12	(4.5) %
Citi Bank Group	1,095.00	1,148.12	4.9 %
Bank of America	1,085.00	1,148.12	5.8 %
OSOOL AND BAKHEET	1,290.21	1,148.12	(11.0) %

Financial Ratios

	Current
Market Cap (M Riyal)	37,427.67
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)	8.80
P/E (TTM)	8.80
Price/book	0.98
Return on Average Assets (%) (TTM)	1.6
Return on Average Equity (%) (TTM)	11.8

Banque Saudi Fransi (BSF)

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BSF profit slightly up at SAR 3.42B in 9M 2024; Q3 at SAR 1.14B

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BSF profit slightly up at SAR 3.42B in 9M 2024; Q3 at SAR 1.14B

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Financials (M)

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Financial results (Million)

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Profit Performance (Million)

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