Banque Saudi Fransi net profit rises 2% in 9M 2016

12/10/2016 Argaam Exclusive

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Share Price

Banque Saudi Fransi
36.25
(0.50) (1.36 %)

Banque Saudi Fransi (BSFR)

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Banque Saudi Fransi reported a net profit of SAR 3.13 billion for the first nine months of 2016, a 1.6 percent year-on-year (YoY) increase attributed to higher total operating income, driven by a rise in net special commission income and exchange income. The increase was offset by higher total operating expenses.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Net Special Commission Income 3,023.15 3,239.16 7.1 %
Operating Income 4,757.12 4,845.44 1.9 %
Total Provisions (130.39) (132.85) (1.9 %)
Net Income 3,086.46 3,136.23 1.6 %
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 2.56 2.60 1.6 %
EPS Diluted (Riyals) 2.56 2.60 1.6 %

Net profit for the third quarter was down 1 percent YoY at SAR 1.01 billion as total operating expenses increased. The Q3 profit slipped 3.6 percent when compared to the previous quarter.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Net Special Commission Income 1,044.11 1,107.55 6.1 %
Operating Income 1,588.27 1,587.64 0.0 %
Debt Provisions (50.23) (54.53) (8.6 %)
Net Income 1,020.25 1,010.24 (1.0 %)
Average Shares 1,205.36 1,205.36 -
EPS (Riyals) 0.85 0.84 (1.0 %)
EPS Diluted (Riyal) 0.85 0.84 (1.2 %)

Balance Sheet (B)

Item 9m 2015 9m 2016 Change‬
Assets 184.99 195.74 5.8 %
Customer Deposits 143.95 147.28 2.3 %
Loan 124.41 133.94 7.7 %


Financial results (Million)

Period Net Special Commission Income Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
Q1 2007 537.17 10.7 % 924.12 (15.8 %) (15.68) 29.5 % 689.63 (21.8 %) 0.57
Q2 2007 571.80 16.2 % 953.82 (8.0 %) 3.57 115.8 % 727.85 (9.4 %) 0.60
Q3 2007 578.10 12.4 % 896.38 (7.8 %) (10.75) 50.7 % 653.11 (11.7 %) 0.54
Q4 2007 602.33 14.7 % 920.14 10.5 % (19.15) 19.6 % 640.52 10.0 % 0.53
Q1 2008 702.60 30.8 % 1,034.18 11.9 % (20.89) (33.2 %) 732.48 6.2 % 0.61
Q2 2008 615.82 7.7 % 1,076.06 12.8 % (9.82) (375.3 %) 774.11 6.4 % 0.64
Q3 2008 684.13 18.3 % 1,136.15 26.7 % 15.29 242.2 % 727.74 11.4 % 0.60
Q4 2008 818.04 35.8 % 1,145.25 24.5 % (78.84) (311.7 %) 571.33 (10.8 %) 0.47
Q1 2009 767.49 9.2 % 1,078.23 4.3 % (46.13) (120.8 %) 740.75 1.1 % 0.61
Q2 2009 757.15 23.0 % 1,096.33 1.9 % (119.85) (1,120.3 %) 691.76 (10.6 %) 0.57
Q3 2009 757.65 10.7 % 1,057.16 (7.0 %) (57.57) (476.6 %) 714.32 (1.8 %) 0.59
Q4 2009 768.00 (6.1 %) 1,063.19 (7.2 %) (351.07) (345.3 %) 323.78 (43.3 %) 0.27
Q1 2010 723.08 (5.8 %) 1,072.06 (0.6 %) (53.89) (16.8 %) 713.64 (3.7 %) 0.59
Q2 2010 776.31 2.5 % 1,154.60 5.3 % (83.97) 29.9 % 756.90 9.4 % 0.63
Q3 2010 777.63 2.6 % 1,084.45 2.6 % (154.95) (169.2 %) 621.50 (13.0 %) 0.52
Q4 2010 788.84 2.7 % 1,084.12 2.0 % (46.53) 86.7 % 708.96 119.0 % 0.59
Q1 2011 757.46 4.8 % 1,150.27 7.3 % (22.22) 58.8 % 716.75 0.4 % 0.59
Q2 2011 788.65 1.6 % 1,162.67 0.7 % (23.46) 72.1 % 773.43 2.2 % 0.64
Q3 2011 808.30 3.9 % 1,164.10 7.3 % (56.48) 63.5 % 759.83 22.3 % 0.63
Q4 2011 782.65 (0.8 %) 1,107.74 2.2 % (55.75) (19.8 %) 660.93 (6.8 %) 0.55
Q1 2012 801.81 5.9 % 1,220.21 6.1 % (61.27) (175.7 %) 788.90 10.1 % 0.65
Q2 2012 843.93 7.0 % 1,282.80 10.3 % (141.65) (503.9 %) 757.21 (2.1 %) 0.63
Q3 2012 825.99 2.2 % 1,220.25 4.8 % (174.37) (208.7 %) 661.53 (12.9 %) 0.55
Q4 2012 834.04 6.6 % 1,286.30 16.1 % (77.89) (39.7 %) 807.50 22.2 % 0.67
Q1 2013 799.24 (0.3 %) 1,205.05 (1.2 %) (127.84) (108.7 %) 683.86 (13.3 %) 0.57
Q2 2013 830.50 (1.6 %) 1,282.64 0.0 % (107.59) 24.0 % 762.64 0.7 % 0.63
Q3 2013 869.60 5.3 % 1,284.06 5.2 % (169.01) 3.1 % 685.44 3.6 % 0.57
Q4 2013 863.96 3.6 % 1,280.78 (0.4 %) (552.98) (609.9 %) 273.65 (66.1 %) 0.23
Q1 2014 896.55 12.2 % 1,401.17 16.3 % (108.57) 15.1 % 855.78 25.1 % 0.71
Q2 2014 969.86 16.8 % 1,478.33 15.3 % (105.37) 2.1 % 884.24 15.9 % 0.73
Q3 2014 980.13 12.7 % 1,486.66 15.8 % (72.55) 57.1 % 925.61 35.0 % 0.77
Q4 2014 970.45 12.3 % 1,419.88 10.9 % (34.44) 93.8 % 850.71 210.9 % 0.71
Q1 2015 962.89 7.4 % 1,590.11 13.5 % (37.20) 65.7 % 1,050.38 22.7 % 0.87
Q2 2015 1,016.15 4.8 % 1,578.73 6.8 % (42.97) 59.2 % 1,015.83 14.9 % 0.84
Q3 2015 1,044.11 6.5 % 1,588.27 6.8 % (50.23) 30.8 % 1,020.25 10.2 % 0.85
Q4 2015 1,032.13 6.4 % 1,534.38 8.1 % (50.51) (46.7 %) 949.98 11.7 % 0.79
Q1 2016 1,062.82 10.4 % 1,644.92 3.4 % (41.74) (12.2 %) 1,077.80 2.6 % 0.89
Q2 2016 1,068.80 5.2 % 1,612.88 2.2 % (36.58) 14.9 % 1,048.19 3.2 % 0.87
Q3 2016 1,107.55 6.1 % 1,587.64 0.0 % (54.53) (8.6 %) 1,010.24 (1.0 %) 0.84

Profitability

Period Return On Average Assets Return on Average Equity Net Interest Income/Total Operating Income
Q1 2007 3.54 % 31.84 % 54.95 %
Q2 2007 3.37 % 30.82 % 58.35 %
Q3 2007 3.19 % 27.35 % 61.33 %
Q4 2007 3.02 % 26.26 % 61.97 %
Q1 2008 2.80 % 25.43 % 64.52 %
Q2 2008 2.77 % 25.18 % 63.64 %
Q3 2008 2.72 % 24.40 % 62.52 %
Q4 2008 2.49 % 22.19 % 64.23 %
Q1 2009 2.39 % 21.09 % 65.05 %
Q2 2009 2.30 % 20.06 % 67.93 %
Q3 2009 2.24 % 18.95 % 70.83 %
Q4 2009 2.01 % 16.59 % 71.02 %
Q1 2010 1.99 % 15.91 % 70.09 %
Q2 2010 2.06 % 15.81 % 69.59 %
Q3 2010 1.99 % 14.44 % 69.61 %
Q4 2010 2.30 % 16.61 % 69.75 %
Q1 2011 2.26 % 16.71 % 69.30 %
Q2 2011 2.22 % 15.95 % 69.45 %
Q3 2011 2.35 % 15.97 % 68.91 %
Q4 2011 2.21 % 15.46 % 68.42 %
Q1 2012 2.15 % 15.54 % 68.35 %
Q2 2012 2.11 % 14.90 % 67.79 %
Q3 2012 2.01 % 13.83 % 67.36 %
Q4 2012 2.02 % 14.24 % 65.99 %
Q1 2013 1.85 % 13.24 % 66.14 %
Q2 2013 1.86 % 13.15 % 65.87 %
Q3 2013 1.82 % 12.93 % 65.90 %
Q4 2013 1.47 % 10.48 % 66.57 %
Q1 2014 1.48 % 10.85 % 65.93 %
Q2 2014 1.54 % 11.20 % 66.12 %
Q3 2014 1.67 % 12.12 % 65.71 %
Q4 2014 1.96 % 14.15 % 65.97 %
Q1 2015 1.96 % 14.22 % 64.99 %
Q2 2015 2.08 % 14.45 % 64.68 %
Q3 2015 2.14 % 14.69 % 64.65 %
Q4 2015 2.17 % 14.96 % 64.46 %
Q1 2016 2.15 % 14.23 % 65.47 %
Q2 2016 2.16 % 14.48 % 65.95 %
Q3 2016 2.15 % 14.38 % 66.95 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Loan Change
Q1 2007 85.29 15.9 % 65.51 15.1 % 51.18 14.7 %
Q2 2007 87.22 15.6 % 65.22 14.6 % 50.94 9.8 %
Q3 2007 90.28 19.0 % 66.48 13.6 % 57.05 15.7 %
Q4 2007 99.81 25.4 % 74.01 19.4 % 59.85 17.1 %
Q1 2008 111.31 30.5 % 78.44 19.7 % 68.45 33.8 %
Q2 2008 115.15 32.0 % 85.38 30.9 % 76.05 49.3 %
Q3 2008 121.01 34.0 % 83.96 26.3 % 79.12 38.7 %
Q4 2008 125.86 26.1 % 92.79 25.4 % 80.87 35.1 %
Q1 2009 123.87 11.3 % 91.62 16.8 % 81.30 18.8 %
Q2 2009 122.82 6.7 % 90.31 5.8 % 81.38 7.0 %
Q3 2009 121.72 0.6 % 90.22 7.5 % 81.32 2.8 %
Q4 2009 120.57 (4.2 %) 91.24 (1.7 %) 78.32 (3.2 %)
Q1 2010 121.25 (2.1 %) 87.71 (4.3 %) 79.58 (2.1 %)
Q2 2010 120.56 (1.8 %) 92.23 2.1 % 81.94 0.7 %
Q3 2010 120.96 (0.6 %) 91.29 1.2 % 81.46 0.2 %
Q4 2010 123.22 2.2 % 93.53 2.5 % 80.98 3.4 %
Q1 2011 126.55 4.4 % 96.03 9.5 % 83.94 5.5 %
Q2 2011 133.74 10.9 % 99.71 8.1 % 85.20 4.0 %
Q3 2011 130.97 8.3 % 97.75 7.1 % 89.72 10.1 %
Q4 2011 140.48 14.0 % 109.96 17.6 % 92.33 14.0 %
Q1 2012 150.48 18.9 % 112.60 17.3 % 97.48 16.1 %
Q2 2012 147.09 10.0 % 108.94 9.3 % 100.52 18.0 %
Q3 2012 154.97 18.3 % 116.85 19.5 % 102.22 13.9 %
Q4 2012 157.78 12.3 % 115.57 5.1 % 102.79 11.3 %
Q1 2013 163.99 9.0 % 119.26 5.9 % 105.81 8.6 %
Q2 2013 165.78 12.7 % 124.58 14.3 % 110.24 9.7 %
Q3 2013 168.04 8.4 % 124.96 6.9 % 112.57 10.1 %
Q4 2013 170.06 7.8 % 131.60 13.9 % 111.31 8.3 %
Q1 2014 184.28 12.4 % 137.91 15.6 % 114.84 8.5 %
Q2 2014 184.31 11.2 % 134.41 7.9 % 117.39 6.5 %
Q3 2014 183.24 9.0 % 131.94 5.6 % 118.22 5.0 %
Q4 2014 188.78 11.0 % 145.28 10.4 % 116.54 4.7 %
Q1 2015 193.88 5.2 % 150.21 8.9 % 120.79 5.2 %
Q2 2015 185.95 0.9 % 142.63 6.1 % 125.04 6.5 %
Q3 2015 184.99 1.0 % 143.95 9.1 % 124.41 5.2 %
Q4 2015 183.72 (2.7 %) 141.85 (2.4 %) 123.77 6.2 %
Q1 2016 184.02 (5.1 %) 141.82 (5.6 %) 124.98 3.5 %
Q2 2016 193.91 4.3 % 138.81 (2.7 %) 129.64 3.7 %
Q3 2016 195.74 5.8 % 147.28 2.3 % 133.94 7.7 %

Ratios

Period Customer Deposits Per Total Assets Loans and advances/Total assets Loans and advances/Customers Deposits
Q1 2007 76.81 % 60.01 % 78.12 %
Q2 2007 74.77 % 58.41 % 78.12 %
Q3 2007 73.64 % 63.19 % 85.81 %
Q4 2007 74.15 % 59.97 % 80.87 %
Q1 2008 70.46 % 61.49 % 87.27 %
Q2 2008 74.15 % 66.04 % 89.07 %
Q3 2008 69.38 % 65.38 % 94.23 %
Q4 2008 73.72 % 64.25 % 87.15 %
Q1 2009 73.97 % 65.63 % 88.73 %
Q2 2009 73.53 % 66.26 % 90.11 %
Q3 2009 74.12 % 66.81 % 90.14 %
Q4 2009 75.67 % 64.95 % 85.84 %
Q1 2010 72.34 % 65.63 % 90.73 %
Q2 2010 76.50 % 67.96 % 88.84 %
Q3 2010 75.47 % 67.34 % 89.23 %
Q4 2010 75.91 % 65.72 % 86.58 %
Q1 2011 75.89 % 66.33 % 87.41 %
Q2 2011 74.55 % 63.71 % 85.45 %
Q3 2011 74.64 % 68.50 % 91.78 %
Q4 2011 78.28 % 65.72 % 83.96 %
Q1 2012 74.83 % 64.78 % 86.57 %
Q2 2012 74.07 % 68.34 % 92.27 %
Q3 2012 75.40 % 65.96 % 87.48 %
Q4 2012 73.25 % 65.15 % 88.94 %
Q1 2013 72.72 % 64.52 % 88.73 %
Q2 2013 75.14 % 66.49 % 88.49 %
Q3 2013 74.36 % 66.99 % 90.09 %
Q4 2013 77.39 % 65.45 % 84.58 %
Q1 2014 74.84 % 62.32 % 83.27 %
Q2 2014 72.92 % 63.69 % 87.34 %
Q3 2014 72.00 % 64.52 % 89.60 %
Q4 2014 76.96 % 61.73 % 80.22 %
Q1 2015 77.47 % 62.30 % 80.42 %
Q2 2015 76.70 % 67.24 % 87.67 %
Q3 2015 77.82 % 67.25 % 86.43 %
Q4 2015 77.21 % 67.37 % 87.25 %
Q1 2016 77.07 % 67.92 % 88.12 %
Q2 2016 71.58 % 66.85 % 93.39 %
Q3 2016 75.24 % 68.43 % 90.94 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2007 1,205.36 2.34 2.34 - 8.23
Q2 2007 1,205.36 2.27 2.27 - 8.17
Q3 2007 1,205.36 2.20 2.20 - 8.78
Q4 2007 1,205.36 2.25 2.25 - 9.33
Q1 2008 1,205.36 2.28 2.28 - 9.74
Q2 2008 1,205.36 2.32 2.32 - 10.29
Q3 2008 1,205.36 2.39 2.39 - 10.77
Q4 2008 1,205.36 2.33 2.33 - 11.65
Q1 2009 1,205.36 2.33 2.33 - 12.41
Q2 2009 1,205.36 2.27 2.27 - 12.30
Q3 2009 1,205.36 2.26 2.26 - 13.03
Q4 2009 1,205.36 2.05 2.05 - 13.05
Q1 2010 1,205.36 2.03 2.03 - 13.08
Q2 2010 1,205.36 2.08 2.08 - 14.02
Q3 2010 1,205.36 2.00 2.00 - 14.74
Q4 2010 1,205.36 2.32 2.32 - 14.94
Q1 2011 1,205.36 2.33 2.33 - 14.76
Q2 2011 1,205.36 2.34 2.34 - 15.33
Q3 2011 1,205.36 2.45 2.45 - 16.01
Q4 2011 1,205.36 2.42 2.42 - 16.31
Q1 2012 1,205.36 2.47 2.47 - 17.08
Q2 2012 1,205.36 2.46 2.46 - 17.71
Q3 2012 1,205.36 2.38 2.38 - 18.41
Q4 2012 1,205.36 2.50 2.50 - 18.82
Q1 2013 1,205.36 2.41 2.41 - 19.38
Q2 2013 1,205.36 2.42 2.42 - 19.08
Q3 2013 1,205.36 2.44 2.44 - 19.31
Q4 2013 1,205.36 2.00 2.00 - 19.26
Q1 2014 1,205.36 2.14 2.14 - 20.03
Q2 2014 1,205.36 2.24 2.24 - 20.92
Q3 2014 1,205.36 2.44 2.44 - 20.94
Q4 2014 1,205.36 2.92 2.92 2.92 21.96
Q1 2015 1,205.36 3.08 3.08 3.08 23.28
Q2 2015 1,205.36 3.19 3.19 3.19 23.19
Q3 2015 1,205.36 3.27 3.27 3.27 23.53
Q4 2015 1,205.36 3.35 3.35 3.35 22.80
Q1 2016 1,205.36 3.37 3.37 3.37 24.10
Q2 2016 1,205.36 3.40 3.40 3.40 23.76
Q3 2016 1,205.36 3.39 3.39 3.39 23.61

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 14.15 14.15 4.01
Q2 2007 12.74 12.74 3.54
Q3 2007 15.97 15.97 4.00
Q4 2007 24.03 24.03 5.80
Q1 2008 16.91 16.91 3.97
Q2 2008 15.43 15.43 3.48
Q3 2008 13.61 13.61 3.01
Q4 2008 9.05 9.05 1.81
Q1 2009 11.10 11.10 2.09
Q2 2009 10.67 10.67 1.97
Q3 2009 11.97 11.97 2.07
Q4 2009 11.91 11.91 1.87
Q1 2010 13.91 13.91 2.16
Q2 2010 12.45 12.45 1.85
Q3 2010 14.28 14.28 1.94
Q4 2010 11.54 11.54 1.80
Q1 2011 12.43 12.43 1.96
Q2 2011 11.36 11.36 1.73
Q3 2011 9.48 9.48 1.45
Q4 2011 10.46 10.46 1.55
Q1 2012 12.03 12.03 1.74
Q2 2012 10.18 10.18 1.41
Q3 2012 9.80 9.80 1.27
Q4 2012 8.82 8.82 1.17
Q1 2013 9.48 9.48 1.18
Q2 2013 10.05 10.05 1.27
Q3 2013 10.52 10.52 1.33
Q4 2013 13.12 13.12 1.36
Q1 2014 14.21 14.21 1.52
Q2 2014 13.62 13.62 1.46
Q3 2014 15.70 15.70 1.83
Q4 2014 10.73 10.73 1.43
Q1 2015 10.84 10.84 1.44
Q2 2015 10.08 10.08 1.39
Q3 2015 9.17 9.17 1.27
Q4 2015 8.36 8.36 1.23
Q1 2016 7.50 7.50 1.05
Q2 2016 6.60 6.60 0.94
Q3 2016 6.21 6.21 0.89

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Investment Banking and Brokerage
Q1 2007 439.52 266.97 217.63 -
Q2 2007 426.70 300.80 226.32 -
Q3 2007 397.98 298.24 206.85 -
Q4 2007 (67.89) 328.15 173.43 479.77
Q1 2008 312.18 385.69 250.05 86.25
Q2 2008 331.21 412.43 266.82 65.60
Q3 2008 316.63 384.30 388.29 46.94
Q4 2008 290.00 422.72 388.73 43.80
Q1 2009 320.74 489.90 226.82 40.77
Q2 2009 340.57 487.33 206.22 62.22
Q3 2009 331.68 502.37 188.58 34.54
Q4 2009 317.41 501.17 206.70 37.92
Q1 2010 331.34 480.68 229.08 30.96
Q2 2010 347.52 527.15 243.00 36.93
Q3 2010 330.04 517.53 212.67 24.21
Q4 2010 340.61 511.65 206.29 25.57
Q1 2011 367.46 530.56 217.35 34.90
Q2 2011 381.72 543.18 170.88 66.89
Q3 2011 402.17 566.50 157.05 38.38
Q4 2011 405.85 514.09 126.89 60.91
Q1 2012 358.44 567.86 197.30 96.61
Q2 2012 363.63 590.66 233.87 94.64
Q3 2012 349.45 572.22 205.98 92.59
Q4 2012 343.54 606.64 283.57 52.55
Q1 2013 356.29 629.23 149.70 69.83
Q2 2013 365.86 637.15 201.95 77.68
Q3 2013 363.05 637.84 220.42 62.75
Q4 2013 365.16 614.76 234.13 66.73
Q1 2014 359.17 641.86 317.26 82.88
Q2 2014 363.90 677.81 323.07 113.54
Q3 2014 358.79 710.77 327.64 89.46
Q4 2014 337.63 710.37 295.37 76.51
Q1 2015 356.05 751.84 394.64 87.58
Q2 2015 384.66 783.42 310.86 99.80
Q3 2015 387.40 789.72 337.51 73.65
Q4 2015 378.07 733.50 362.98 59.83
Q1 2016 388.71 788.11 404.21 63.89
Q2 2016 376.51 778.41 372.61 85.35
Q3 2016 369.75 787.13 373.80 56.95

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 1,045.90 1,010.24 (3.4 %)

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
OSOOL AND BAKHEET 1,009.70 1,010.24 0.1 %
Riyad Capital 1,032.00 1,010.24 (2.1) %
Alistithmar Capital 1,042.80 1,010.24 (3.1) %
Sico 1,047.00 1,010.24 (3.5) %
SNB Capital 1,098.00 1,010.24 (8.0) %


Financial Ratios
Current
Market Cap (M Riyal) 43,695.75
Shares Outstanding ((M)) 1,205.40
EPS ( Riyal) (TTM) 3.56
EPS Diluted ( Riyal) (TTM) 3.39
Book Value (BV) ( Riyal) 30.64
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 10.17
P/E (TTM) 10.17
Price/book 1.18
Return on Average Assets (%) (TTM) 1.7
Return on Average Equity (%) (TTM) 12.0
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