Earnings Report /
Saudi Arabia

Banque Saudi Fransi: BSFR: Q2 21 results analysis – Lower provisions but higher cost-to-income ratio

  • Revenues remained flat yoy (-2.3% qoq) at SAR1.75bn and are lower than our estimate of SAR1.83bn

  • Based on our initial estimates, NIMs remained flat yoy at 2.6% and were in-line with our estimates

  • Operating expenses increased 12.2% yoy (+5.7% qoq) to SAR625mn and were higher than our estimates of SAR576mn

SNB Capital
3 August 2021
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