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In recent years, BSF has taken steady steps towards sustainable growth, which would demonstrate its leadership position among other banks in Saudi Arabia. Nevertheless, the interim reporting for the second half of 2019 shows a decrease in net profit by 4.39%, which amounts to 804 million riyals. The bank attributes the drop in earnings to the decline in reserves.
However, in the report for the 1st quarter of 2019, indicators show profit growth of 1.26%. The lender’s net profit rose to 1.13 billion riyals. BSF representatives explain the situation by lower operating costs amid lower wages and prices. Also interesting is the fact that over the three months of 2019, 8.28%, that is, up to 1.86 billion riyals, increased total revenue.
Returning to losses, in the first six months of 2019, profit fell by 9.04% to 1.72 billion riyals. By the end of June 2019, assets decreased by 1.26% year on year to 186.5 billion riyals.
In general, this is due to pressure due to a reduced oil price and a slowdown in economic growth in the region, although an increase in interest rates in the United States helped regional lenders increased interest income on loans in 2018.
If you do not pay attention to some difficulties associated with economic conditions in Saudi Arabia, the outlook for the banking sector’s revenue indicators can be called optimistic.
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