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BANQUE SAUDI FRANSI ANNOUNCES ITS INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDING ON 30-09-2020 (NINE MONTHS)

Default Company 1050.B 0.00% 0.00 0.00
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Total Revenue from Special Commissions/Financing & Investments 1,569 1,871 -16.141 1,592 -1.444
Net Income from Special Commissions/Financing & Investments 1,375 1,344 2.306 1,297 6.013
Total Operation Profit (Loss) 1,751 1,738 0.747 1,760 -0.511
Net Profit (Loss) before Zakat and Income Tax 424 965 -56.062 553 -23.327
Net Profit (Loss) 333 880 -62.159 437 -23.798
Total Comprehensive Income -4 1,160 - 921 -
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Total Revenue from Special Commissions/Financing & Investments 4,860 5,586 -12.996
Net Income from Special Commissions/Financing & Investments 3,959 3,914 1.149
Total Operation Profit (Loss) 5,268 5,167 1.954
Net Profit (Loss) before Zakat and Income Tax 1,777 3,046 -41.661
Net Profit (Loss) 1,452 2,600 -44.153
Total Comprehensive Income 1,910 3,915 -51.213
Total Share Holders Equity (after Deducting Minority Equity) 33,683 32,612 3.284
Assets 197,445 186,365 5.945
Investments 37,901 32,386 17.028
Loans and Advances Portfolio (Financing & Investment) 134,356 123,439 8.844
Customer Deposits 135,655 141,898 -4.399
Profit (Loss) per Share 1.21 2.17
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 71.69%. However, Total Operating Income increased by 0.75%.

This increase in Total Operating Expenses was primarily due to higher Impairment charge for credit losses, Other Operating and general and administrative expenses as well as Salaries and employee related expenses, which was partially offset by Impairment reversal for investments, financial assets and others.

Meanwhile, Total operating Income increased mainly due to higher Net Special Commission Income and Trading Income, which was partially offset by reduction in Fee and Commission Income and Gain on non-trading investments .

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to Net income decreased mainly due to increase in Total Operating Expenses by 9.91%.

This increase in Total Operating Expenses was primarily due to higher Impairment charge for credit losses, Salaries and employee related expenses as well as Other Operating and general and administrative expenses, which was partially offset by Impairment reversal for investments, financial assets and others.

Total operating Income also slightly decreased mainly due to lower Trading Income, Exchange Income as well as Other Operating Income, which was partially offset by higher Net Special Commission Income and Fee and Commission Income.

Increase (Decrease) in Net Profit for Current Period Compared to the Same Period Last Year is Attributed to Net income decreased mainly due to increase in Total Operating Expenses by 64.62%. However, Total Operating Income increased by 1.95%.

This increase in Total Operating Expenses was primarily due to higher Impairment charge for credit losses as well as Salaries and employee related expenses, which was partially offset by Impairment reversal for investments, financial assets and others.

The increase in Total Operating Income was driven by Other Operating Income, Net Special Commission Income, Exchange Income as well as Trading Income, which was partially offset by reduction in Fee and Commission Income.

Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion None
Reclassification of Comparison Items 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 30 September 2020 was SAR 930 million, as compared to SAR 226 million in the corresponding period of last year and compared to SAR 634 million for the three months ended 30 June 2020.

Impairment charge for credit losses for the nine months period ended 30 September 2020 was SAR 1,962 million, as compared to SAR 571 million in the corresponding period of last year.

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