Banque Saudi Fransi (BSF) has reported a net profit of SAR 3.42 billion for the first nine months of 2024.
The result is a slight increase compared to the SAR 3.39 billion reported for the same period a year before, according to a filing in the Saudi stock exchange, where its shares are listed.
The lender attributed the nine-month profit growth to a 25.7% year-on-year (YoY) increase in gross special commission income, driven primarily by higher returns on financing and investments. During the period bet special commission income dropped by 2.1% YoY.
BSF’s total operating expenses declined during the first nine months of the year, primarily due to a reduction in the provision for expected credit losses on loans and advances. This reduction was, nonetheless, partially offset by an uptick in wages and expenses, general and administrative expenses, the provision for other financial assets and depreciation and amortisation.
Net impairment charges for financing and other financial assets decreased by 30.2% due to lower impairment charges on loans and advances by 35.0%, which was partially offset by higher impairment charges for other financial assets.
Looking at Q3 2024, BSF’s net profit amounted to SAR 1.14 billion, an 8% decrease compared to the same period a year prior. This was driven primarily by a 21% YoY rise in gross special commission income and a 4% YoY slip in net special commission income.