Banque Saudi Fransi posts lower net profit at SAR 684m in I1 of 2013

31/03/2013 Argaam Exclusive

Banque Saudi Fransi, the 6th largest Saudi bank in terms of assets, reported SAR 684m net profit at the end of the first quarter of 2013, compared to SAR 789m in the same period last year, as shown in the following table:



Current Quarter Comparison (M)

Compared With The
Item Q1 2012 Q1 2013 Change‬
Net Special Commission Income 801.81 799.24 (0.3 %)
Operating Income 1,220.21 1,205.05 (1.2 %)
Debt Provisions (61.27) (127.84) (108.7 %)
Net Income 788.90 683.86 (13.3 %)
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 0.65 0.57 (13.3 %)

Balance Sheet (B)

Item 3m 2012 3m 2013 Change‬
Assets 150.48 163.99 9.0 %
Customer Deposits 112.60 119.26 5.9 %
Loan 97.48 105.81 8.5 %

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Share Price

Banque Saudi Fransi
32.90
(0.70) (2.08 %)

Banque Saudi Fransi (BSF)

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Financial Ratios
Current
Market Cap (M Riyal) 39,657.66
Shares Outstanding ((M)) 1,205.40
EPS ( Riyal) (TTM) 3.61
EPS Diluted ( Riyal) (TTM) 3.44
Book Value (BV) ( Riyal) 30.54
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 9.11
P/E (TTM) 9.11
Price/book 1.08
Return on Average Assets (%) (TTM) 1.6
Return on Average Equity (%) (TTM) 12.2
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Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change
Q1 2004 379.40 9.2 % 504.87 13.8 % (22.98) 23.7 %
Q2 2004 405.48 14.3 % 593.36 20.2 % (2.86) 90.5 %
Q3 2004 398.13 11.3 % 582.85 25.8 % (22.41) (0.6 %)
Q4 2004 407.09 10.7 % 579.74 24.3 % (19.35) (150.7 %)
Q1 2005 418.48 10.3 % 641.59 27.1 % (45.21) (96.8 %)
Q2 2005 419.22 3.4 % 786.48 32.5 % (35.33) (1,134.0 %)
Q3 2005 436.96 9.8 % 809.55 38.9 % (23.31) (4.0 %)
Q4 2005 431.11 5.9 % 856.01 47.7 % (31.01) (60.2 %)
Q1 2006 485.14 15.9 % 1,097.91 71.1 % (22.23) 50.8 %
Q2 2006 492.16 17.4 % 1,036.44 31.8 % (22.63) 36.0 %
Q3 2006 514.33 17.7 % 971.84 20.0 % (21.81) 6.4 %
Q4 2006 525.24 21.8 % 832.64 (2.7 %) (23.82) 23.2 %
Q1 2007 537.17 10.7 % 924.12 (15.8 %) (15.68) 29.5 %
Q2 2007 571.80 16.2 % 953.82 (8.0 %) 3.57 115.8 %
Q3 2007 578.10 12.4 % 896.38 (7.8 %) (10.75) 50.7 %
Q4 2007 602.33 14.7 % 920.14 10.5 % (19.15) 19.6 %
Q1 2008 702.60 30.8 % 1,034.18 11.9 % (20.89) (33.2 %)
Q2 2008 615.82 7.7 % 1,076.06 12.8 % (9.82) (375.3 %)
Q3 2008 684.13 18.3 % 1,136.15 26.7 % 15.29 242.2 %
Q4 2008 818.04 35.8 % 1,145.25 24.5 % (78.84) (311.7 %)
Q1 2009 767.49 9.2 % 1,078.23 4.3 % (46.13) (120.8 %)
Q2 2009 757.15 23.0 % 1,096.33 1.9 % (119.85) (1,120.3 %)
Q3 2009 757.65 10.7 % 1,057.16 (7.0 %) (57.57) (476.6 %)
Q4 2009 768.00 (6.1 %) 1,063.19 (7.2 %) (351.07) (345.3 %)
Q1 2010 723.08 (5.8 %) 1,072.06 (0.6 %) (53.89) (16.8 %)
Q2 2010 776.31 2.5 % 1,154.60 5.3 % (83.97) 29.9 %
Q3 2010 777.63 2.6 % 1,084.45 2.6 % (154.95) (169.2 %)
Q4 2010 788.84 2.7 % 1,084.12 2.0 % (46.53) 86.7 %
Q1 2011 757.46 4.8 % 1,150.27 7.3 % (22.22) 58.8 %
Q2 2011 788.65 1.6 % 1,162.67 0.7 % (23.46) 72.1 %
Q3 2011 808.30 3.9 % 1,164.10 7.3 % (56.48) 63.5 %
Q4 2011 782.65 (0.8 %) 1,107.74 2.2 % (55.75) (19.8 %)
Q1 2012 801.81 5.9 % 1,220.21 6.1 % (61.27) (175.7 %)
Q2 2012 843.93 7.0 % 1,282.80 10.3 % (141.65) (503.9 %)
Q3 2012 825.99 2.2 % 1,220.25 4.8 % (174.37) (208.7 %)
Q4 2012 834.04 6.6 % 1,286.30 16.1 % (77.89) (39.7 %)
Q1 2013 799.24 (0.3 %) 1,205.05 (1.2 %) (127.84) (108.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2004 330.16 22.1 % 0.27 - 330.16 0.27
Q2 2004 431.29 36.1 % 0.36 - 431.29 0.36
Q3 2004 400.63 35.8 % 0.33 - 400.63 0.33
Q4 2004 373.85 23.5 % 0.31 - 373.85 0.31
Q1 2005 429.93 30.2 % 0.36 - 429.93 0.36
Q2 2005 574.32 33.2 % 0.48 - 574.32 0.48
Q3 2005 603.43 50.6 % 0.50 - 603.43 0.50
Q4 2005 607.93 62.6 % 0.50 - 607.93 0.50
Q1 2006 881.67 105.1 % 0.73 - 881.67 0.73
Q2 2006 803.73 39.9 % 0.67 - 803.73 0.67
Q3 2006 739.36 22.5 % 0.61 - 739.36 0.61
Q4 2006 582.18 (4.2 %) 0.48 - 582.18 0.48
Q1 2007 689.63 (21.8 %) 0.57 - 689.63 0.57
Q2 2007 727.85 (9.4 %) 0.60 - 727.85 0.60
Q3 2007 653.11 (11.7 %) 0.54 - 653.11 0.54
Q4 2007 640.52 10.0 % 0.53 - 640.52 0.53
Q1 2008 732.48 6.2 % 0.61 - 732.48 0.61
Q2 2008 774.11 6.4 % 0.64 - 774.11 0.64
Q3 2008 727.74 11.4 % 0.60 - 727.74 0.60
Q4 2008 571.33 (10.8 %) 0.47 - 571.33 0.47
Q1 2009 740.75 1.1 % 0.61 - 740.75 0.61
Q2 2009 691.76 (10.6 %) 0.57 - 691.76 0.57
Q3 2009 714.32 (1.8 %) 0.59 - 714.32 0.59
Q4 2009 323.78 (43.3 %) 0.27 - 323.78 0.27
Q1 2010 713.64 (3.7 %) 0.59 - 713.64 0.59
Q2 2010 756.90 9.4 % 0.63 - 756.90 0.63
Q3 2010 621.50 (13.0 %) 0.52 - 621.50 0.52
Q4 2010 708.96 119.0 % 0.59 - 708.96 0.59
Q1 2011 716.75 0.4 % 0.59 - 716.75 0.59
Q2 2011 773.43 2.2 % 0.64 - 773.43 0.64
Q3 2011 759.83 22.3 % 0.63 - 759.83 0.63
Q4 2011 660.93 (6.8 %) 0.55 - 660.93 0.55
Q1 2012 788.90 10.1 % 0.65 - 788.90 0.65
Q2 2012 757.21 (2.1 %) 0.63 - 757.21 0.63
Q3 2012 661.53 (12.9 %) 0.55 - 661.53 0.55
Q4 2012 807.50 22.2 % 0.67 - 807.50 0.67
Q1 2013 683.86 (13.3 %) 0.57 - 683.86 0.57

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2004 54.66 12.2 % 43.89 16.1 % 26.95 17.7 %
Q2 2004 53.70 8.0 % 43.83 16.9 % 28.49 25.3 %
Q3 2004 56.10 13.7 % 43.76 15.9 % 32.42 32.9 %
Q4 2004 59.67 11.5 % 47.70 11.9 % 34.46 29.0 %
Q1 2005 61.60 12.7 % 47.10 7.3 % 37.12 37.7 %
Q2 2005 66.31 23.5 % 50.45 15.1 % 37.75 32.5 %
Q3 2005 69.39 23.7 % 49.30 12.7 % 43.13 33.0 %
Q4 2005 67.50 13.1 % 51.09 7.1 % 42.98 24.7 %
Q1 2006 73.57 19.4 % 56.91 20.8 % 44.60 20.2 %
Q2 2006 75.45 13.8 % 56.92 12.8 % 46.41 22.9 %
Q3 2006 75.87 9.3 % 58.52 18.7 % 49.32 14.3 %
Q4 2006 79.58 17.9 % 62.00 21.3 % 51.13 19.0 %
Q1 2007 85.29 15.9 % 65.51 15.1 % 51.18 14.7 %
Q2 2007 87.22 15.6 % 65.22 14.6 % 50.94 9.8 %
Q3 2007 90.28 19.0 % 66.48 13.6 % 57.05 15.7 %
Q4 2007 99.81 25.4 % 74.01 19.4 % 59.85 17.1 %
Q1 2008 111.31 30.5 % 78.44 19.7 % 68.45 33.8 %
Q2 2008 115.15 32.0 % 85.38 30.9 % 76.05 49.3 %
Q3 2008 121.01 34.0 % 83.96 26.3 % 79.12 38.7 %
Q4 2008 125.86 26.1 % 92.79 25.4 % 80.87 35.1 %
Q1 2009 123.87 11.3 % 91.62 16.8 % 81.30 18.8 %
Q2 2009 122.82 6.7 % 90.31 5.8 % 81.38 7.0 %
Q3 2009 121.72 0.6 % 90.22 7.5 % 81.32 2.8 %
Q4 2009 120.57 (4.2 %) 91.24 (1.7 %) 78.32 (3.2 %)
Q1 2010 121.25 (2.1 %) 87.71 (4.3 %) 79.58 (2.1 %)
Q2 2010 120.56 (1.8 %) 92.23 2.1 % 81.94 0.7 %
Q3 2010 120.96 (0.6 %) 91.29 1.2 % 81.46 0.2 %
Q4 2010 123.22 2.2 % 93.53 2.5 % 80.98 3.4 %
Q1 2011 126.55 4.4 % 96.03 9.5 % 83.94 5.5 %
Q2 2011 133.74 10.9 % 99.71 8.1 % 85.20 4.0 %
Q3 2011 130.97 8.3 % 97.75 7.1 % 89.72 10.1 %
Q4 2011 140.48 14.0 % 109.96 17.6 % 92.33 14.0 %
Q1 2012 150.48 18.9 % 112.60 17.3 % 97.48 16.1 %
Q2 2012 147.09 10.0 % 108.94 9.3 % 100.52 18.0 %
Q3 2012 154.97 18.3 % 116.85 19.5 % 102.22 13.9 %
Q4 2012 157.78 12.3 % 115.57 5.1 % 102.79 11.3 %
Q1 2013 163.99 9.0 % 119.26 5.9 % 105.81 8.6 %