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Banque Saudi Fransi announces its Interim Financial Results for the Period Ending on 2019-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Total Revenue from Special Commissions/Financing & Investments 1,8691,7268.2851,8461.245
Net Income from Special Commissions/Financing & Investments 1,2981,2523.6741,2731.963
Total Operation Profit (Loss) 1,7061,6652.4621,723-0.986
Net Profit (Loss) 804841-4.399917-12.322
Total Comprehensive Income 1,31073378.7171,445-9.342
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Revenue from Special Commissions/Financing & Investments 3,7153,33311.461
Net Income from Special Commissions/Financing & Investments 2,5702,5082.472
Total Operation Profit (Loss) 3,4293,4100.557
Net Profit (Loss) 1,7201,891-9.042
Total Comprehensive Income 2,7551,62569.538
Total Share Holders Equity (after Deducting Minority Equity) 32,60232,1461.418
Assets 186,579188,961-1.26
Investments 33,69527,22823.751
Loans and Advances Portfolio (Financing & Investment) 124,233122,8111.157
Customer Deposits 142,226146,705-3.053
Profit (Loss) per Share 1.431.58
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to Same Quarter Last Year is Attributed to Net income decreased mainly due to zakat provision. However, Total Operating Income increased by 2.46%. This increase in Total operating Income was primarily due to higher Net Special commission income, Gain on non-trading investments, Exchange income and Fee and commission income which was partially offset by reduction in Trading income as well as Other operating income.

Meanwhile, Total Operating Expenses increased by 0.92% due to higher Impairment charge for credit losses which was partially offset by a reduction in Salaries and employee related expenses, Rent and premises related expenses and impairment charge for other financial assets.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to Net income decreased mainly due to increase in Total Operating Expenses by 26% .This increase in Total Operating Expenses was primarily due to higher Impairment charge for credit losses , Impairment charge for other financial assets, Salaries and employee related expenses and Other general and administrative expenses partially offset by decrease in Depreciation and amortization.

Total Operating Income was also decreased by 0.99% mainly due to a reduction in Fee and commission income and Trading income which was partially offset by increase in Net Special commission income as well as Gain on non-trading investments.

Increase (Decrease) in Net Profit for Current Period Compared to the Same Period Last Year is Attributed to Net Income decreased mainly due to zakat provision. However, Total Operating Income increased by 0.56% and Total Operating Expenses decreased by 2.31%.

This increase in Total Operating Income was driven by Net Special commission income , Fee and commission income and Exchange income offset by an exceptional gain of SAR 97.3 million on partial sale of Allianz Saudi Fransi recognized last year.

The decrease in Total Operating Expenses was primarily due to Salaries and employee related expenses, Rent and premises related expenses, reversal of impairment charge for other financial assets as well as Other operating expenses which was partially offset by higher Impairment charge for credit losses and Depreciation and amortization.

Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion None.
Reclassification of Comparison Items Starting from the quarter ended 30 June 2019, Zakat and tax are to be accrued on a quarterly basis and recognized in consolidated statement of income with a corresponding liability recognized in the consolidated statement of financial position in accordance with International Financial Reporting Standard (IFRS) and other standards and pronouncements endorsed by SOCPA. In addition to the above, some items have been re-classified.
Additional Information EPS for the current and the previous years are calculated by dividing the net income after zakat and income tax for the periods by the weighted average number of shares outstanding after excluding treasury shares.

Net income before zakat and income tax increased by 3.69% to SAR 955 million during second quarter of 2019, compared to SAR 921 million for the same quarter in 2018 and a decrease of 15.19 % compared to SAR 1,126 million for the three months ended 31 March 2019.

Net income before zakat and income tax increased by 2.41% to SAR 2,082 million for the six months of 2019, compared to SAR 2,033 million for the same period of the last year.

Zakat and income tax provision for the three months period ended 30 June 2019 was SAR 152 million as compared to SAR 79 million in corresponding period of last year and compared to SAR 209 million for the three months ended 31 March 2019.

Zakat and income tax provision for the six months period ended 30 June 2019 was SAR 361 million as compared to SAR 142 million in corresponding period of last year.

Zakat provision for the current period increased compared to the similar period of last year mainly due to change in the zakat calculation formula.

The Capital Market Authority and the Saudi Stock 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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