Banque Saudi Fransi’s Q2 below estimates: Riyad Cap

31/07/2018 Argaam

 

Banque Saudi Fransi (BSF) reported net profit of SAR 921 million in Q2 2018 missing Riyad Capital and consensus’ forecasts of SAR 1.1 billion, the brokerage firm said in an earnings review on Tuesday.

 

"The decline in profitability resulted from flat net special commission income (NSCI) Q/Q due to higher special commission expense, and significantly lower non-core income which dived by -15 percent Q/Q," it added.

 

The bank’s investments dropped by SAR 200 million.

 

Net loans also declined by SAR 1.1 billion. Deposits inclined by SAR 4.8 billion leading to a fall in LDR to 83 percent.

 

Riyad Capital maintained its "neutral" rating and target price of SAR 35 on the stock.

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