Banque Saudi Fransi profits increased by SR 3.57 billion at the end of 2022 by 4%

Banque Saudi Fransi’s net profit grew to SR3.57 billion during the year 2022, compared to SR3.45 billion in 2021, by 4%. This came after today’s announcement of the annual financial results ending on 31-12-2022.
The total profit from operations in the current year amounted to 8 billion riyals, compared to SR7 billion in the previous year, an increase of 12.5%.
Net financing and investment income in the current year amounted to SR6.4 billion, compared to SR5.69 billion in the previous year, an increase of 13%.
Earnings per share in the current year amounted to SR2.79, compared to SR2.7 in the previous year.
Net income increased mainly due to an increase in total operating income by 12.47%, partially offset by an increase in total operating expenses by 21.97%.
This increase in total operating income was driven by higher net special commission income, exchange income, net, as well as trading income, net, which was partially offset by a decrease in gains on FVOCI / non-trading investments, net.
The increase in total operating expenses was primarily due to higher impairment charges for credit losses, net, salaries and employee-related expenses and other operating and general and administrative expenses.
The Banque Administration said that certain prior period numbers have been reclassified to conform to the current period presentation.
Net Income before zakat for the three months period ended 31 December 2022 was SAR 1,044 million compared to SR 1,059 million for the same period of last year. Net Income before zakat for the three months period ended 30 September 2022 was SR 1,057 million.
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.