BSF profits rise 5.2% during Q2to 1.129 billion riyals

Banque Saudi Fransi net profit rose to 1.129 billion riyals during the second quarter of 2024 compared to 1.07 billion riyals in the same quarter of last year by 5.2%, following the announcement today of the estimated financial results for the period ending June 30, 2024 (6 months).

Total operating profit amounted to 2.34 billion riyals in the second quarter compared to 2.34 billion riyals in the same quarter of the previous year

Earnings per share in the current period reached 1.81 riyals compared to 1.7 riyals in the same period of last year.

According to the bank, net income increased mainly due to a decrease in total operating expenses by 6.2%.

This decrease in operating expenses is mainly due to a decrease in the provision for expected credit losses on loans and advances as well as the provision for other financial assets, while there is an increase in salaries and employee expenses, other operating expenses, general and administrative expenses, depreciation and amortization.

Total operating income decreased slightly by 0.2%, mainly due to a decrease in net special commission income, trading income and foreign exchange income, which was partially offset by an increase in net fees and commission income. Total special commission income increased by 9.1%, mainly due to growth in financing and investments, while net special commission income increased by 1.1%.