Banque Saudi Fransi announces its Annual Financial results for the year ended on 31-12-2023

05 February 2024 04:01 PM

BSFR 1050.B 0.00% 0.00 0.00

Element List	Current Year	Previous Year	%Change
Total Income From Special Commission of Financing	11,551	7,260	59.1
Total Income From Special Commission of Investment	1,667	1,047	59.22
Net Income From Special Commission of Financing	6,651	5,385	23.51
Net Income From Special Commission of Investment	1,184	1,041	13.74
Total Operations Profit (Loss)	9,324	8,017	16.3
Net Profit (Loss) before Zakat and Income Tax	4,708	4,004	17.58
Net profit (Loss)	4,223	3,575	18.12
Total Comprehensive Income	4,890	1,256	289.33
Assets	253,383	232,078	9.18
Investments	48,467	44,518	8.87
Loans And Advances Portfolio (Financing And Investment)	179,391	159,012	12.82
Clients' deposits	172,209	157,592	9.28
Total Shareholder’s Equity (After Deducting The Minority’s Rights)	41,121	38,745	6.13
Total Operating Expenses Before Provisions for Credit and Other Losses	3,022	2,654	13.87
Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net	1,594	1,360	17.2
Profit (Loss) per Share	3.33	2.79
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Amount	Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the special commission income during the current year compared to the last year is	Net special commission income increased by 21.9% mainly driven by higher return from financing and investments activities partially offset by increase in special commission expense.
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	Net income increased mainly due to increase in total operating income by 16.30% partially offset by an increase in total operating expenses by 15.02%. This increase in total operating income was mainly driven by higher net special commission income and net fee and commission income which was partially offset by lower trading income, net, exchange income, net as well as losses on non-trading investments, net. The increase in total operating expenses was primarily due to higher impairment charge for expected credit losses on loans and advances, net, salaries and employee related expenses and other operating and general and administrative expenses which was partially offset by impairment reversal for investments, financial assets and others.
The reason of the increase (decrease) in the total net provision of expected credit losses and other losses (reversing entry) during the current year compared to the last year is	Net impairment charges for financing and other financial assets increased due to higher Impairment charge on loans and advances by 16.1% and reduction in recoveries from written off loans, which was partially offset by impairment reversal for investments, financial assets and others.
Statement of the type of external auditor's report	Unmodified opinion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)	N/A
Reclassification of Comparison Items	Some items have been re- classified to conform to the current period presentation
Additional Information	Net Income after zakat for the 3 months period ended 31 December 2023 was SAR 827 million compared to SAR 903 million for the same period of last year. Net Income after zakat for the 3 months period ended 30 September 2023 was SAR 1,245 million. Net Income from Special Commission of Investment is calculated after deducting special commission expense from debt securities and term loans. EPS for the current and the previous years is calculated by dividing the net income after zakat for the year (adjusted for Tier 1 Sukuk costs) by the weighted average number of shares outstanding after excluding treasury shares.

Comments