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    1050   SA0007879782

BANQUE SAUDI FRANSI

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يعلن البنك السعودي الفرنسي عن النتائج المالية الأولية للفترة المنتهية في 30-09-2021 (تسعة أشهž

10/27/2021 | 06:08am EST
BANQUE SAUDI FRANSI ANNOUNCES ITS INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDING ON 30-09-2021 (NINE MONTHS)

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Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Total income from Special Commissions/Financing & Investments 1,542 1,569 -1.72 1,459 5.688
Net Income from Special Commissions/Financing & Investments 1,424 1,375 3.563 1,330 7.067
Total Operation Profit (Loss) 1,914 1,751 9.308 1,754 9.122
Net Profit (Loss) before Zakat and Income Tax 1,017 424 139.858 856 18.808
Net Profit (Loss) 907 333 172.372 770 17.792
Total Comprehensive Income 809 -4 - 612 32.189
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 4,409 4,860 -9.279
Net Income from Special Commissions/Financing & Investments 4,041 3,959 2.071
Total Operation Profit (Loss) 5,463 5,268 3.701
Net Profit (Loss) before Zakat and Income Tax 2,778 1,777 56.33
Net Profit (Loss) 2,457 1,452 69.214
Total Comprehensive Income 1,989 1,910 4.136
Total Share Holders Equity (after Deducting Minority Equity) 39,242 33,683 16.503
Assets 213,335 197,445 8.047
Investments 43,587 37,901 15.002
Loans and Advances Portfolio (Financing & Investment) 144,393 134,356 7.47
Clients' deposits 143,322 135,655 5.651
Profit (Loss) per Share 1.92 1.21
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 32.4% and also due to increase in Total Operating Income by 9.3%.

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

Total operating Income increased mainly due to higher Trading Income, Net Special Commission Income as well as Net Fee and Commission Income.

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 increased mainly due to increase in Total Operating Income by 9.1% while Operating expenses remained flat.

This increase in Total Operating Income was mainly due to Net Special Commission Income and Trading Income.

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 23.1% as well as increase in Total Operating income by 3.7%.

This decrease in Total Operating Expenses was driven by lower Impairment charge for credit losses, which was partially offset by Impairment charge for other financial assets and 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 Other Operating Income and Exchange 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 period (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 September 2021 was SAR 296 million, as compared to SAR 930 million in the corresponding period of last year and compared to SAR 267 million for the three months ended 30 June 2021.

Impairment charge for credit losses for the nine months period ended 30 September 2021 was SAR 853 million, as compared to SAR 1,962 million in the corresponding period of last year.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

Disclaimer

Banque Saudi Fransi SJSC published this content on 27 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2021 10:07:04 UTC.


© Publicnow 2021
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Yield 2021 3,68%
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Mean consensus HOLD
Number of Analysts 12
Last Close Price 44,05 SAR
Average target price 37,90 SAR
Spread / Average Target -14,0%
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Managers and Directors
Adel bin Mohammed Malawi Chief Financial Officer
Mazen Abdulrazzaq Sulaiman Al-Rumaih Chairman
Thamer Mohammed Yousef Chief Operating Officer
Yasser A. Al-Anssari Chief Compliance Officer
Khalid Hamed Hamed Al-Mutabagani Independent Director
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