Banque Saudi Fransi announces its Interim Financial Results for the Period Ending on 30-06-2022 ( Six Months )

27 July 2022 03:50 PM

BSF 1050 -7.64% 34.45 -2.85

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Total income from Special Commissions/Financing & Investments	1,767	1,459	21.11	1,492	18.43
Net Income from Special Commissions/Financing & Investments	1,449	1,330	8.95	1,343	7.89
Total Operation Profit (Loss)	1,896	1,754	8.1	1,851	2.43
Net Profit (Loss) before Zakat and Income Tax	928	856	8.41	975	-4.82
Net Profit (Loss)	837	770	8.7	875	-4.34
Total Comprehensive Income	298	612	-51.31	-208	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total income from Special Commissions/Financing & Investments	3,259	2,866	13.71
Net Income from Special Commissions/Financing & Investments	2,792	2,618	6.65
Total Operation Profit (Loss)	3,747	3,549	5.58
Net Profit (Loss) before Zakat and Income Tax	1,903	1,762	8
Net Profit (Loss)	1,712	1,549	10.52
Total Comprehensive Income	89	1,180	-92.46
Total Share Holders Equity (after Deducting Minority Equity)	37,742	39,259	-3.86
Assets	231,267	211,310	9.44
Investments	43,505	42,060	3.44
Loans and Advances Portfolio (Financing & Investment)	159,625	141,807	12.56
Clients' deposits	157,919	140,805	12.15
Profit (Loss) per Share	1.33	1.21
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
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 increase in Total Operating Income by 8.1%. This increase in Total Operating Income was primarily due to higher Net Special Commission Income, Trading Income and Exchange Income which was partially offset by reduction in Net Fee and Commission Income as well as Gain on non-trading investments. Total Operating Expenses also increased by 7.8% mainly due to Impairment charge for credit losses.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	Net income decreased mainly due to increase in Total Operating Expenses by 10.4%. However, Total Operating Income increased by 2.4%. This increase in Total Operating Expenses was primarily due to higher Impairment charge for credit losses and Salaries and employee related expenses. This increase in Total Operating Income was mainly due to higher Net Special Commission Income, which was partially offset by lower Net Fee and Commission Income and Trading Income.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	Net income increased mainly due to increase in Total Operating Income by 5.6%. This increase in Total Operating Income was primarily driven by higher Net Special Commission Income, Exchange Income as well as Other Operating Income which was partially offset by decrease in Net Fee and Commission Income and Gain on non-trading investments. While Total Operating Expenses increased by 3.1% mainly due to higher Impairment charge for credit losses and Other Operating and General and Administrative Expenses, which was partially offset by Impairment reversal for other financial assets.
Statement of the type of external auditor's report	Unmodified Conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	None
Reclassification of Comparison Items	Some items have been re-classified to conform to current period presentation.
Additional Information	EPS for the current and the previous periods are 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. Impairment charge for credit losses for the three months period ended 30 June 2022 was SAR 320 million, as compared to SAR 267 million in the corresponding period of last year and compared to SAR 275 million for the three months ended 31 March 2022. Impairment charge for credit losses for the six months period ended 30 June 2022 was SAR 595 million, as compared to SAR 557 million in the corresponding period of last year.

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