AnnouncementDetails

Actions

Banque Saudi Fransi announces its Interim Financial Results for the Period Ending on 2019-09-30 ( Nine Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Total Revenue from Special Commissions/Financing & Investments 1,8711,7834.9351,8690.107
Net Income from Special Commissions/Financing & Investments 1,3441,2616.5821,2983.543
Total Operation Profit (Loss) 1,7381,6962.4761,7061.875
Net Profit (Loss) 880943-6.688049.452
Total Comprehensive Income 1,16076352.0311,310-11.45
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Revenue from Special Commissions/Financing & Investments 5,5865,1169.186
Net Income from Special Commissions/Financing & Investments 3,9143,7703.819
Total Operation Profit (Loss) 5,1675,1061.194
Net Profit (Loss) 2,6002,835-8.289
Total Comprehensive Income 3,9152,38863.944
Total Share Holders Equity (after Deducting Minority Equity) 32,61231,8772.305
Assets 186,365189,342-1.572
Investments 32,38629,5199.712
Loans and Advances Portfolio (Financing & Investment) 123,439123,704-0.214
Customer Deposits 141,898146,694-3.269
Profit (Loss) per Share 2.172.36
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 increase in Total Operating Expenses by 11.86%. However, Total Operating Income increased by 2.48%.

This increase in Total operating Expenses was primarily due to higher Impairment charge for credit losses, Depreciation and amortization, and Other operating expenses which was partially offset by decrease in Rent and premises related expenses and Other general and administrative expenses.

Meanwhile, Total operating Income increased mainly due to higher Net Special commission income, Fee and commission income and Gain on non-trading investments which was partially offset by reduction in Trading income as well as Exchange income.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to Net income increased mainly due to increase in Total Operating Income by 1.88% .This increase in Total Operating Income was driven by Net Special commission income, Other Operating Income and Gain on non-trading investments which was partially offset by decrease in Trading Income and Fee and Commission Income.

Total Operating Expenses also increased by 2.88% mainly due to a higher Impairment charge for credit losses as well as Salaries and employee related expenses which was partially offset by decrease in Other general and administrative expenses.

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 and income tax provision, while Net Income before Zakat and income tax provision increased by 0.26%. However, Total Operating Income increased by 1.19% which was driven by Net Special commission income and Fee and commission income which was offset by an exceptional gain of SAR 97.3 million on partial sale of Allianz Saudi Fransi recognized last year and reduction in Trading Income.

Meanwhile, Total operating Expenses also increased by 2.42% .This increase was primarily due to Impairment charge for credit losses and Depreciation and amortization which was partially offset by decrease in Salaries and employee related expenses, Rent and premises related expenses and higher reversal of impairment charge for other financial assets .

Basis of the External Auditor's Opinion Unmodified opinion
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. Additionally, Some numbers have been re-classified for comparative reasons.
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 decreased by 3.98% to SAR 965 million during third quarter of 2019, compared to SAR 1,005 million for the same quarter in 2018 and an increase of 1.05 % compared to SAR 955 million for the previous quarter of 2019.

Net income before zakat and income tax increased by 0.26% to SAR 3,046 million for the nine months of 2019, compared to SAR 3,038 million for the same period of the last year.

Impairment charge for credit losses for the nine months period ended 30 September 2019 was SAR 571 million, as compared to SAR 344 million in the corresponding period of last year. Impairment charge for credit losses for the three months period ended 30 September 2019 was SAR 226 million, as compared to SAR 128 million in the corresponding period of last year, and as compared to SAR 200 million in the previous quarter.

Zakat and income tax provision for the three months period ended 30 September 2019 was SAR 85 million as compared to SAR 62 million in corresponding period of last year.

Zakat and income tax provision for the nine months period ended 30 September 2019 was SAR 446 million as compared to SAR 204 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.

Company Profile

Actions

Company Profile

Summary

Last Price Net Change
39.2 0.7 (+1.82%)
Value Traded (SAR) Volume Traded
22,427,057.6 574,749