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BANQUE SAUDI FRANSI ANNOUNCES ITS INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDING ON 30-06-2021 (SIX 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 income from Special Commissions/Financing & Investments 1,459 1,592 -8.354 1,407 3.695
Net Income from Special Commissions/Financing & Investments 1,330 1,297 2.544 1,287 3.341
Total Operation Profit (Loss) 1,754 1,760 -0.34 1,796 -2.338
Net Profit (Loss) before Zakat and Income Tax 856 553 54.792 905 -5.414
Net Profit (Loss) 770 437 76.201 780 -1.282
Total Comprehensive Income 612 921 -33.55 591 3.553
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 2,866 3,291 -12.914
Net Income from Special Commissions/Financing & Investments 2,618 2,584 1.315
Total Operation Profit (Loss) 3,549 3,517 0.909
Net Profit (Loss) before Zakat and Income Tax 1,762 1,353 30.229
Net Profit (Loss) 1,549 1,119 38.427
Total Comprehensive Income 1,180 1,914 -38.349
Total Share Holders Equity (after Deducting Minority Equity) 39,259 33,677 16.575
Assets 211,310 201,953 4.633
Investments 42,060 36,916 13.934
Loans and Advances Portfolio (Financing & Investment) 141,807 135,749 4.462
Clients' deposits 140,805 138,046 1.998
Profit (Loss) per Share 1.21 0.93
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 reduction in Total Operating Expenses by 25.7%.

This decrease in Total Operating Expenses was primarily due to lower Impairment charge for credit losses and other financial assets, which was partially offset by increase in Other Operating and General and Administrative Expenses.

Total operating Income decreased mainly due to lower Trading Income, Exchange Income and Other Operating Income, which was partially offset by increase in Net Fee and Commission Income , Net Special Commission Income as well as Gain on non-trading investments.

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 reduction in Total Operating Income by 2.3%.

This decrease in Total Operating Income was mainly due to lower Trading Income and Net Fee and Commission Income, which was partially offset by higher Net Special Commission Income, Exchange Income and Gain on non-trading investments.

The increase in Total Operating Expenses was primarily due to higher Other Operating and General and Administrative Expenses while Impairment charge for credit losses decreased.

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 reduction in Total Operating Expenses by 17.4% and also due to increase in Total Operating income by 0.9%.

This decrease in Total Operating Expenses was driven by lower Impairment charge for credit losses, which was partially offset by higher Other Operating and General and Administrative Expenses.

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

Statement of the type of external auditor's report Unmodified opinion
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 and income tax for the year (adjusted for Tier 1 Sukuk costs) by the weighted average number of shares outstanding after excluding treasury shares.

During Q4 2020, the Bank issued Tier 1 Sukuk amounting to SAR 5 billion which is included as part of Total Equity.

Impairment charge for credit losses for the three months period ended 30 June 2021 was SAR 267 million, as compared to SAR 634 million in the corresponding period of last year and compared to SAR 290 million for the three months ended 31 March 2021.

Impairment charge for credit losses for the six months period ended 30 June 2021 was SAR 557 million, as compared to SAR 1,032 million in the corresponding period of last year.

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