BANQUE SAUDI FRANSI
(A SAUDI JOINT STOCK COMPANY)
INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE SIX MONTHS PERIOD ENDED
JUNE 30, 2023
BANQUE SAUDI FRANSI (A Saudi Joint Stock Company) | Page 1 | ||||
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||||
As at | |||||
SAR '000 | Notes | Jun 30, 2023 | Dec 31, 2022 | Jun 30, 2022 | |
(Unaudited) | (Audited) | (Unaudited) | |||
ASSETS | |||||
Cash and balances with SAMA | 5 | 10,083,554 | 11,325,586 | 12,811,715 | |
Due from banks and other financial institutions, net | 6 | 3,795,200 | 4,795,111 | 4,245,793 | |
Investments, net | 7 | 49,177,581 | 44,517,549 | 43,505,357 | |
Positive fair value of derivatives | 12 | 6,370,069 | 6,582,980 | 4,695,090 | |
Loans and advances, net | 8 | 169,695,132 | 159,011,525 | 159,624,824 | |
Investment in associate, net | 9,695 | 9,695 | 9,695 | ||
Property, equipment and right of use assets, net | 1,864,116 | 1,739,307 | 1,688,518 | ||
Other real estate, net | 343,359 | 342,050 | 362,234 | ||
Other assets, net | 4,379,504 | 3,754,316 | 4,323,709 | ||
Total assets | 245,718,210 | 232,078,119 | 231,266,935 | ||
LIABILITIES AND EQUITY | |||||
Liabilities | |||||
Due to SAMA | 9 | 10,800,898 | 8,004,403 | 15,396,984 | |
Due to banks and other financial institutions | 10 | 11,965,130 | 8,766,039 | 5,726,778 | |
Customers' deposits | 11 | 161,164,696 | 157,592,320 | 157,919,459 | |
Negative fair value of derivatives | 12 | 7,434,620 | 7,383,707 | 4,956,366 | |
Debt securities and term loans | 20 | 8,232,625 | 4,515,254 | - | |
Other liabilities | 6,424,186 | 7,071,071 | 9,525,624 | ||
Total liabilities | 206,022,155 | 193,332,794 | 193,525,211 | ||
Equity | |||||
Share capital | 12,053,572 | 12,053,572 | 12,053,572 | ||
Statutory reserve | 12,053,572 | 12,053,572 | 12,053,572 | ||
General reserve | 982,857 | 982,857 | 982,857 | ||
Other reserves | (2,072,321) | (2,090,067) | (1,393,800) | ||
Retained earnings | 11,805,434 | 9,768,005 | 9,096,498 | ||
Proposed dividend | - | 1,079,633 | - | ||
Treasury shares | (127,059) | (102,247) | (50,975) | ||
Equity attributable to the shareholders of the Bank | 34,696,055 | 33,745,325 | 32,741,724 | ||
Tier 1 Sukuk | 15 | 5,000,000 | 5,000,000 | 5,000,000 | |
Total equity | 39,696,055 | 38,745,325 | 37,741,724 | ||
Total liabilities and equity | 245,718,210 | 232,078,119 | 231,266,935 | ||
The accompanying notes 1 to 25 form an integral part of these interim condensed consolidated financial statements.
BANQUE SAUDI FRANSI (A Saudi Joint Stock Company) | Page 2 | |||
INTERIM CONDENSED CONSOLIDATED STATEMENT OF INCOME | ||||
Unaudited | ||||
SAR '000 | For the three months ended | For the six months ended | ||
Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2023 | Jun 30, 2022 | |
Special commission income | 3,226,118 | 1,834,900 | 6,222,619 | 3,398,918 |
Special commission expense | 1,250,607 | 318,433 | 2,323,150 | 467,605 |
Net special commission income | 1,975,511 | 1,516,467 | 3,899,469 | 2,931,313 |
Fee and commission income | 347,329 | 351,841 | 702,743 | 707,105 |
Fee and commission expense | 136,360 | 142,550 | 256,456 | 263,684 |
Net fee and commission income | 210,969 | 209,291 | 446,287 | 443,421 |
Exchange income, net | 100,286 | 98,749 | 223,915 | 198,132 |
Trading income, net | 48,341 | 41,371 | 79,248 | 107,769 |
Dividend income | 3,535 | 4,335 | 6,914 | 7,080 |
Gains on FVOCI / non-trading investments, net | 3,973 | 65 | 4,422 | 2,784 |
Other operating income | 4,726 | 82 | 5,166 | 904 |
Total operating income | 2,347,341 | 1,870,360 | 4,665,421 | 3,691,403 |
Salaries and employee related expenses | 409,320 | 361,886 | 831,295 | 690,974 |
Rent and premises related expenses | 17,501 | 18,347 | 32,532 | 31,736 |
Depreciation and amortization | 54,588 | 57,685 | 113,224 | 112,639 |
Other operating and general and administrative expenses | 242,227 | 210,117 | 458,751 | 417,175 |
Total operating expenses before impairment charge | 723,636 | 648,035 | 1,435,802 | 1,252,524 |
Impairment charge for expected credit losses on loans and | 427,006 | 294,821 | 912,058 | 539,711 |
advances, net | ||||
Impairment charge / (reversal) for investments, financial | 3,622 | (727) | (75,520) | (4,197) |
assets and others, net | ||||
Total operating expenses, net | 1,154,264 | 942,129 | 2,272,340 | 1,788,038 |
Net income for the period before Zakat | 1,193,077 | 928,231 | 2,393,081 | 1,903,365 |
Zakat for the period | 119,725 | 91,216 | 243,326 | 191,778 |
Net income for the period | 1,073,352 | 837,015 | 2,149,755 | 1,711,587 |
Basic and diluted earnings per share (SAR) | 0.85 | 0.65 | 1.70 | 1.33 |
The accompanying notes 1 to 25 form an integral part of these interim condensed consolidated financial statements.
BANQUE SAUDI FRANSI (A Saudi Joint Stock Company) | Page 3 | |||
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||
Unaudited | ||||
For the three months ended | For the six months ended | |||
SAR '000 | ||||
Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2023 | Jun 30, 2022 | |
Net income for the period | 1,073,352 | 837,015 | 2,149,755 | 1,711,587 |
Other comprehensive income / (loss): | ||||
Items that cannot be recycled back to interim condensed | ||||
consolidated statement of income in subsequent periods | ||||
Movement in equity instruments at fair value through other | ||||
comprehensive income | ||||
Net change in the fair value | 23,016 | (74,760) | 33,936 | (79,380) |
Items that can be recycled back to interim condensed | ||||
consolidated statement of income in subsequent periods | ||||
Debt instruments at fair value through other comprehensive | ||||
income | ||||
Net change in the fair value | (18,152) | (232,680) | 46,901 | (599,263) |
Net change in ECL | 1,103 | 1,345 | (995) | 90 |
Income transferred to interim condensed consolidated | (3,973) | (65) | (4,422) | (2,784) |
statement of income | ||||
Cash flow hedge | ||||
Net change in the fair value | (358,431) | (174,746) | (404,134) | (759,794) |
Loss / (income) transferred to interim condensed consolidated | 196,433 | (58,592) | 346,460 | (181,376) |
statement of income | ||||
Total other comprehensive (loss) / income for the period | (160,004) | (539,498) | 17,746 | (1,622,507) |
Total comprehensive income for the period | 913,348 | 297,517 | 2,167,501 | 89,080 |
The accompanying notes 1 to 25 form an integral part of these interim condensed consolidated financial statements.
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Banque Saudi Fransi SJSC published this content on 01 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2023 16:25:32 UTC.