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.