Over the years, BSF has shown a steady growth trend that has affirmed its financial strength and leadership in the Saudi Arabian market.
However, in the interim financial statements for the second quarter of 2019, it is indicated that the bank’s net profit decreased by 4.39% to 804 million riyals compared to 1,66 billion riyals in the second half of 2018. The bank said in a statement that the drop in profits is due to a decrease in reserves.
Meanwhile, in the first quarter of 2019, the bank showed a profit growth of 1.26%. The lender’s net profit rose to 1,13 billion riyals. The increase in net profit in the first quarter of 2019 is due to a decrease in operating expenses amid a decline in salaries and staff costs, as well as a reduction in rental and premises fees, the report said.
Also in 2019, total revenue increased by 8.28% to 1,86 billion riyals for the three months ending in June 2019.
For the first half of 2019, the bank’s profit fell by 9.04% to 1,72 billion riyals compared to 1,89 billion riyals in the first half of the year.
By the end of June, the bank’s assets decreased by 1.26% year on year to 186,5 billion riyals, and the total investment for the same period reached 33,6 billion riyals.
Although the consistent increase in interest rates in the United States helped regional lenders increased their interest income on loans in 2018, they are also under pressure due to lower oil prices and a slowdown in economic growth in the region, which is damaging to many of their clients.
Despite the more robust economic conditions in the region, some analysts are still optimistic about the performance of the banking sector in Saudi Arabia, including Tradeallcrypto analysts.
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