Banque Saudi Fransi Announces Its Annual Financial Results for the Year Ending on 31-12-2020
Element List | Current Year | Previous Year | %Change | ||
---|---|---|---|---|---|
Total income from Special Commissions/Financing & Investments | 6,285 | 7,370 | -14.721 | ||
Net Income from Special Commissions/Financing & Investments | 5,240 | 5,206 | 0.653 | ||
Total Operation Profit (Loss) | 7,045 | 6,873 | 2.502 | ||
Net Profit (Loss) before Zakat and Income Tax | 2,010 | 3,619 | -44.459 | ||
Net Profit (Loss) | 1,546 | 3,115 | -50.369 | ||
Total Comprehensive Income | 1,922 | 4,245 | -54.723 | ||
Total Share Holders Equity (after Deducting Minority Equity) | 38,636 | 32,947 | 17.267 | ||
Assets | 194,074 | 178,149 | 8.939 | ||
Investments | 37,679 | 31,454 | 19.79 | ||
Loans and Advances Portfolio (Financing & Investment) | 130,565 | 125,725 | 3.849 | ||
Clients' deposits | 127,112 | 132,838 | -4.31 | ||
Profit (Loss) per Share | 1.24 | 2.6 | |||
All figures are in (Millions) Saudi Arabia, Riyals |
Element List | Explanation |
---|---|
The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net Income decreased mainly due to increase in Total Operating Expenses by 54.74%. However, Total Operating Income increased by 2.50%.
This increase in Total Operating Expenses was primarily due to higher Impairment charge for credit losses and 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 Other Operating Income, Trading Income, Exchange Income as well as Net Special Commission Income, which was partially offset by reduction in Fee and Commission Income and Gain on non-trading investments . |
Statement of the type of external auditor's report | Unmodified opinion |
Reclassification of Comparison Items | Certain prior period numbers have been re-classified to conform to the current period presentation. |
Additional Information | Net Income before zakat and income tax for the 3 months period ended 31 December 2020 was SAR 233 million compared to SAR 573 million for the same period of last year. Net Income before zakat and income tax for the 3 months period ended 30 September 2020 was SAR 424 million.
Impairment charge for credit losses for the year ended 31 December 2020 was 2,816 million, as compared to SAR 1,009 million in the corresponding period of last year.
Impairment charge for credit losses for the three months period ended 31 December 2020 was SAR 854 million, as compared to SAR 438 million in the corresponding period of last year and compared to SAR 930 million for the three months period ended 30 September 2020.
Zakat and income tax provision for the three months period ended 31 December 2020 was SAR 139 million as compared to SAR 58 million in corresponding period of last year and compared to SAR 90 million for the three months period ended 30 September 2020.
During Q4 2020, the Bank issued Tier 1 Sukuk amounting to SAR 5 billion which is included as part of Total Equity.
EPS for the current and the previous years are calculated by dividing the net income after zakat and income tax for the year (adjusted for Tier 1 Sukuk costs) by the weighted average number of shares outstanding after excluding treasury shares. |
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