The net income of Banque Saudi Fransi “BSF” (1050) fell 8% YoY in the third quarter of 2024 to reach about SAR 1.1 billion.
Details
Saudi Fransi, established in 1977, was impacted by a 4.3% YoY rise in operational costs over the past three months.
The lender’s operational income also saw a 2.3% YoY downtick.
So what
The bank’s total commission income rose 21% YoY during Q3 due to a growth in returns on financing and investments.
However, net commission income decreased by 4% YoY due to rising expenses.
Some context
BSF reported an approximately 1% YoY increase in net income for the first nine months of this year to record over SAR 3 billion.
Earnings per share rose 0.7% to SAR 2.71 compared to the same period in 2023.
The lender recently pulled the trigger on a Tier 1 Sukuk issuance, raising SAR 3 billion from the debt sale.
