BSFR profits increase to SR961 mln during Q3, up 6%

The net profit of Banque Saudi Fransi (BSFR) grew to SR961 million during the third quarter, compared to SR907 million in the same quarter of last year, at a rate of 6%.
This came after the announcement today of the preliminary financial results for the period ending on 30-09-2022 (nine months).
Gross operational profit in the third quarter amounted to SR2.13 billion, compared to SR1.9 billion in the same quarter of the previous year, an increase of 12%.
The bank’s net profit during the 9-month period amounted to SR2.67 billion, compared to SR2.45 million in the same period of the previous year, a growth of 9%.
The gross equity “after excluding non-controlling interests” amounted to SR37.8 billion in the current period, compared to SR39.2 billion in the same period last year, a decrease of 4%.
Profits per share in the current period reached SR2.08, compared to SR1.92 in the same period last year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:
Net income increased mainly due to increase in gross operational income by 11.55% partially offset by an increase in total operating expenses by 20.18%.
This increase in gross operational income was driven by higher net special commission income, exchange income, net as well as other operating income, which was partially offset by decrease in trading income, net and net fee and commission income.
The increase in gross operational expenses was primarily due to higher impairment charge for credit losses, net, salaries and employee related expenses and general and administrative expenses.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:
Net income increased mainly due to increase in gross operational income by 12.61% partially offset by an increase in gross operational expenses by 11.45%.
The gross operational income increased mainly due to an increase in net special commission income, exchange income, net and other operating income while there was a drop-in trading income, net.
The gross operational expenses increase was mainly in impairment charge for credit losses, net and salaries and employee related expenses.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is:
Net income increased mainly due to increase in gross operational income by 7.67% partially offset by an increase in total operating expenses by 8.84%.
The gross operational income increased mainly due to an increase in net special commission income, exchange income, net and other operating income while there was a drop in net fee and commission income, trading income, net and gains on non-trading investments, net.
This increase in gross operational expenses was driven by higher Impairment charge for credit losses, net, general and administrative expenses and salaries and employee related expenses.
EPS for the current and the previous periods are calculated by dividing the net income after zakat for the period (adjusted for Tier 1 Sukuk costs) by the weighted average number of shares outstanding after excluding treasury shares.
The Tier 1 Sukuk amounting to SR5 billion is included as part of Total Equity.