BANQUE SAUDI FRANSI ANNOUNCES ITS INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDING ON 31-03-2020 (THREE MONTHS)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Total Revenue from Special Commissions/Financing & Investments | 1,699 | 1,846 | -7.963 | 1,783 | -4.711 |
| Net Income from Special Commissions/Financing & Investments | 1,287 | 1,273 | 1.099 | 1,291 | -0.309 |
| Total Operation Profit (Loss) | 1,757 | 1,723 | 1.973 | 1,706 | 2.989 |
| Net Profit (Loss) before Zakat and Income Tax | 801 | 1,126 | -28.863 | 573 | 39.79 |
| Net Profit (Loss) | 682 | 917 | -25.627 | 515 | 32.427 |
| Total Comprehensive Income | 994 | 1,445 | -31.211 | 331 | 200.302 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 33,945 | 32,245 | 5.272 |
| Assets | 199,178 | 190,037 | 4.81 |
| Investments | 33,940 | 33,683 | 0.762 |
| Loans and Advances Portfolio (Financing & Investment) | 134,882 | 121,274 | 11.22 |
| Customer Deposits | 146,772 | 144,820 | 1.347 |
| Profit (Loss) per Share | 0.57 | 0.76 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to Same Quarter Last Year is Attributed to | Net income decreased mainly due to increase in Total Operating Expenses by 60.39%. However, Total Operating Income increased by 1.97%.
This increase in Total Operating Expenses was primarily due to higher Impairment charge for credit losses, Salaries and employee related expenses and Other Operating and general and administrative expenses as well as reduction in impairment reversal for other financial assets which was partially offset by decrease in Depreciation and amortization.
Meanwhile, Total operating Income increased mainly due to higher Other Operating Income, Exchange Income and Net Special Commission Income which was partially offset by reduction in Trading Income and Fee and Commission Income. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | Net income increased mainly due to decrease in Total Operating Expenses by 15.59% and also due to increase in Total Operating Income by 2.99%.
This decrease in Total Operating Expenses was driven by Other Operating and general and administrative expenses, Impairment charge for credit losses , Salaries and employee related expenses as well as impairment charge for other financial assets.
This increase in Total Operating Income was driven by Other Operating Income and Exchange Income which was partially offset by decrease in Trading Income and Gain on non-trading investments. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | Starting from the quarter ended 30 June 2019, Zakat and tax are to be accrued on a quarterly basis and recognized in consolidated statement of income with a corresponding liability recognized in the consolidated statement of financial position in accordance with International Financial Reporting Standard (IFRS) and other standards and pronouncements endorsed by SOCPA. Additionally, Some numbers have been re-classified for comparative reasons. |
| Additional Information | EPS for the current and the previous years are calculated by dividing the net income after zakat and income tax for the periods by the weighted average number of shares outstanding after excluding treasury shares.
Impairment charge for credit losses for the three months period ended 31 March 2020 was SAR 398 million, as compared to SAR 144 million in the corresponding period of last year. |
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