Banque Saudi Fransi’s quarterly profit rises 6% to 961 million riyals

Banque Saudi Fransi announced preliminary financial results for the period ended September 30, 2022, recording a 9% increase in profits to reach over 2.67 billion riyals, compared to profits of 2.45 billion riyals made in the same period in 2021, while third quarter profits increased 6% to 961 million riyals, compared to 907 million riyals recorded by the bank in the same quarter last year.

The bank explained in a statement in “Tadawul Saudi Arabia” today, Monday, that the reason for the increase in profits during the first nine months of 2022 compared to the same period of the previous year is due to the increase in total operating income of 7.67%, mainly due to the increase in net income Special commissions, net income on foreign exchange and other operating income, while net commissions, net trading income and net income from investments held for non-commercial purposes decreased.

On the other hand, he added, overall operating expenses increased by 8.84%, due to the increase in the provision for bad debts, general and administrative expenses, salaries and personnel expenses.

The bank also attributed the reason for the increase in earnings in the third quarter of 2022 compared to the same quarter of 2021 to the increase in total operating income of 11.55%, due to the increase in net special fees and net income on exchange rates, in addition to other operating income, partially offset by the decrease in net trading income and net commissions.

Total operating expenses, on the other hand, increased by 20.18%, mainly due to the increase in the provision for bad debts, salaries, personnel expenses and general and administrative expenses.

The bank attributed the reason for the increase in earnings in the third quarter compared to the previous quarter to the increase in total operating income of 12.61%, mainly due to an increase in net special fees, net foreign exchange income and other operating income, while there was a decline in net trading income. .

Overall operating costs, on the other hand, increased by 11.45%, mainly due to the increase in net provisions for bad debts, salaries and personnel expenses.

The bank also specified that the shareholders’ equity (there are no minority rights) at the end of the period amounted to 32,805 million riyals, compared to 34,242 million riyals at the end of the same period of the previous year.

Earnings per share for the period in price was equal to (2.08 riyal / share) and similar (1.92 riyal / share) by dividing net profit after zakat by the period (adjusted to include the cost of class 1 sukuk) by the average number weighted shares in circulation after excluding treasury shares.

An additional Tier 1 Sukuk totaling SAR 5 billion was issued which was included as part of the total net worth.

Read More About: Business News