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Banque Saudi Fransi announces its Annual Financial results for the year ended on 31-12-2023
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Total Income From Special Commission of Financing | 11,551 | 7,260 | 59.1 | ||
| Total Income From Special Commission of Investment | 1,667 | 1,047 | 59.22 | ||
| Net Income From Special Commission of Financing | 6,651 | 5,385 | 23.51 | ||
| Net Income From Special Commission of Investment | 1,184 | 1,041 | 13.74 | ||
| Total Operations Profit (Loss) | 9,324 | 8,017 | 16.3 | ||
| Net Profit (Loss) before Zakat and Income Tax | 4,708 | 4,004 | 17.58 | ||
| Net profit (Loss) | 4,223 | 3,575 | 18.12 | ||
| Total Comprehensive Income | 4,890 | 1,256 | 289.33 | ||
| Assets | 253,383 | 232,078 | 9.18 | ||
| Investments | 48,467 | 44,518 | 8.87 | ||
| Loans And Advances Portfolio (Financing And Investment) | 179,391 | 159,012 | 12.82 | ||
| Clients' deposits | 172,209 | 157,592 | 9.28 | ||
| Total Shareholder’s Equity (After Deducting The Minority’s Rights) | 41,121 | 38,745 | 6.13 | ||
| Total Operating Expenses Before Provisions for Credit and Other Losses | 3,022 | 2,654 | 13.87 | ||
| Total Provision of Expected Credit Losses And Other Losses (Reversing Entry), Net | 1,594 | 1,360 | 17.2 | ||
| Profit (Loss) per Share | 3.33 | 2.79 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the special commission income during the current year compared to the last year is | Net special commission income increased by 21.9% mainly driven by higher return from financing and investments activities partially offset by increase in special commission expense. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net income increased mainly due to increase in total operating income by 16.30% partially offset by an increase in total operating expenses by 15.02%. This increase in total operating income was mainly driven by higher net special commission income and net fee and commission income which was partially offset by lower trading income, net, exchange income, net as well as losses on non-trading investments, net. 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 impairment reversal for investments, financial assets and others. |
| The reason of the increase (decrease) in the total net provision of expected credit losses and other losses (reversing entry) during the current year compared to the last year is | Net impairment charges for financing and other financial assets increased due to higher Impairment charge on loans and advances by 16.1% and reduction in recoveries from written off loans, which was partially offset by impairment reversal for investments, financial assets and others. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | Some items have been re- classified to conform to the current period presentation |
| Additional Information | Net Income after zakat for the 3 months period ended 31 December 2023 was SAR 827 million compared to SAR 903 million for the same period of last year. Net Income after zakat for the 3 months period ended 30 September 2023 was SAR 1,245 million. Net Income from Special Commission of Investment is calculated after deducting special commission expense from debt securities and term loans. EPS for the current and the previous years is calculated by dividing the net income after zakat for the year (adjusted for Tier 1 Sukuk costs) by the weighted average number of shares outstanding after excluding treasury shares. |
The Capital Market Authority and Saudi 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.
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