BANQUE SAUDI FRANSI ANNOUNCES ITS INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDING ON 31-03-2023 (THREE MONTHS)

07 May 2023 08:00 AM

Default Company 1050.B 0.00% 0.00 0.00

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Gross Income from Special Commissions/Financing & Investments	2,997	1,564	91.62	2,649	13.14
Net Income from Special Commissions/Financing & Investments	1,924	1,415	35.97	1,779	8.15
Total Operation Profit (Loss)	2,318	1,821	27.29	2,243	3.34
Net Profit (Loss) before Zakat and Income Tax	1,200	975	23.08	1,044	14.94
Net Profit (Loss)	1,076	875	22.97	903	19.16
Total Comprehensive Income	1,254	-208	-	1,007	24.53
Total Provisions (Reversals) for Expected Credit and Other Losses, net	406	241	68.46	476	-14.71
Total Operating Expenses Before Provisions for Credit and Other Losses	712	604	17.88	723	-1.52
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (excluding Non-Controlling Interest)	39,936	39,428	1.29
Assets	240,236	222,211	8.11
Investments	44,807	42,942	4.34
Loans and Advances Portfolio (Financing & Investment)	164,779	152,690	7.92
Total Provisions (Reversals) for Expected Credit and Other Losses, net	406	241	68.46
Total Operating Expenses Before Provisions for Credit and Other Losses	712	604	17.88
Clients' deposits	167,414	150,759	11.05
Profit (Loss) per Share	0.85	0.68
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 increase in total operating income by 27.29% partially offset by an increase in total operating expenses by 32.17%. This increase in total operating income was driven by higher net special commission income and exchange income, net which was partially offset by reduction in trading income. 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 reversal of impairment charge for other financial assets, net.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is	Net income increased mainly due to increase in total operating income by 3.34% as well as decrease in total operating expenses by 6.76%. This increase in total operating income was driven by higher net special commission income which was partially offset by reduction in trading income, exchange income, net and net fee and commission income. The decrease in total operating expenses was primarily due to reversal of impairment charge for other financial assets, net and other operating and general and administrative expenses while there was an increase in impairment charge for expected credit losses on loans and advances, net, salaries and employee related expenses and Depreciation and amortization.
Statement of the type of external auditor's report	Unmodified Conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	None
Reclassification of Comparison Items	Certain prior period numbers have been re-classified to conform to the current period presentation.
Additional Information	EPS for the current and the previous periods is calculated by dividing the net income after zakat for the period (adjusted for Tier 1 Sukuk costs) by the weighted average number of shares outstanding after excluding treasury shares. The Tier 1 Sukuk amounting to SAR 5 billion is included as part of Total Equity.

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