Banque Saudi Fransi (BSF) reported a net profit of SAR 3.450 billion for 2021, an increase of over twofold from SAR 1.546 billion in a year earlier.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Net Special Commission Income | 5,240.39 | 5,698.65 | 8.7 % |
| Operating Income | 7,044.59 | 7,127.93 | 1.2 % |
| Total Provisions | (2816.32) | (961.43) | 65.9 % |
| Net Income | 1,546.21 | 3,449.88 | 123.1 % |
| Average Shares | 1,205.36 | 1,205.36 | - |
| EPS (Riyals) | 1.28 | 2.86 | 123.1 % |
| EPS Diluted (Riyals) | 1.24 | 2.70 | 117.7 % |
The bank attributed the increase in net profit to a reduction of 33.4% year-on-year (YoY) in total operating expenses (OPEX) on lower impairment charge for credit losses. BSF also recorded a 2% rise YoY in total operating income, fueled by higher net fee and commission income, and net special commission income.
The bank reported a surge in Q4 2021 net profit to SAR 993.4 million, from SAR 93.95 million in the year-ago period.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,281.29 | 1,332.10 | 4.0 % |
| Operating Income | 1,776.88 | 1,724.70 | (2.9 %) |
| Debt Provisions | (853.99) | (167.96) | 80.3 % |
| Net Income | 93.95 | 993.27 | 957.3 % |
| Average Shares | 1,205.36 | 1,205.36 | - |
| EPS (Riyals) | 0.08 | 0.82 | 957.3 % |
| EPS Diluted (Riyal) | 0.03 | 0.78 | 2500.0 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Net Special Commission Income | 1,423.60 | 1,332.10 | (6.4 %) |
| Operating Income | 1,913.97 | 1,724.70 | (9.9 %) |
| Debt Provisions | (296.34) | (167.96) | 43.3 % |
| Net Income | 907.25 | 993.27 | 9.5 % |
| Average Shares | 1,205.36 | 1,205.36 | - |
| EPS (Riyals) | 0.75 | 0.82 | 9.5 % |
| EPS Diluted (Riyal) | 0.71 | 0.78 | 9.9 % |
On a sequential basis, net profit grew by 9.5% from SAR 907.25 million.
Shareholders’ equity, after minority interest, increased by 2.7% to SAR 39.686 billion as on Dec. 31, 2021, from SAR 38.636 billion a year earlier.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Assets | 194.07 | 215.80 | 11.2 % |
| Customer Deposits | 127.11 | 141.95 | 11.7 % |
| Loan | 130.56 | 147.81 | 13.2 % |
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