Recent Research

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  FIRST LOOK NOTES

  29 Jul 2026

  Banque Saudi Fransi

  ACCUMULATE

  Last Closing Price

  SAR 19.70

  Target Price

  SAR 22.50

  Upside (%)

  +14.21%

  Saudi Equity Research - Banque Saudi Fransi (BSF) 2Q26 - Earnings Call Insight

  Banque Saudi Fransi (BSF/the Bank) reported a 6.0% YOY increase in net profit to SAR 1,487 Mn in 2Q26, supported by higher funded and non-funded income, partially offset by higher operating expenses, impairment charges and zakat expenses.

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  FIRST LOOK NOTES

  23 Jul 2026

  Banque Saudi Fransi

  ACCUMULATE

  Last Closing Price

  SAR 20.38

  Target Price

  SAR 22.50

  Upside (%)

  +10.40%

  Saudi Equity Research - Banque Saudi Fransi (BSF) 2Q26 - First Look Note

  Banque Saudi Fransi’s (BSF/the Bank) reported a 6.0% YOY rise in net profit to SAR 1,487 Mn in 2Q26, higher than our estimate of SAR 1,368 Mn. The increase in net profit was driven by higher net funded income and non-funded income, partially offset by higher operating expenses, impairment charges and zakat charges.

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  FIRST LOOK NOTES

  23 Apr 2026

  Banque Saudi Fransi

  HOLD

  Last Closing Price

  SAR 20.54

  Target Price

  SAR 22.50

  Upside (%)

  +9.54%

  Saudi Equity Research - Banque Saudi Fransi (BSF) 1Q26 - First Look Note

  Investment portfolio expanded strongly by 15.7% YOY to SAR 71.6 Bn in 1Q26. BSF signed a strategic partnership with the Ministry of Education to promote financial literacy and support talent development, aligned with Saudi Vision 2030.

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  FIRST LOOK NOTES

  09 Feb 2026

  Banque Saudi Fransi

  BUY

  Last Closing Price

  SAR 18.03

  Target Price

  SAR 21.70

  Upside (%)

  +20.35%

  Saudi Equity Research - Banque Saudi Fransi (BSF) 4Q25 - First Look Note

  Net advances increased 5.3% YOY to SAR 214.9 Bn in 4Q25, driven by growth in volumes of consumer and commercial lending. BSF has guided the loan book to grow high single-digit in 2026.

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  FIRST LOOK NOTES

  23 Oct 2025

  Banque Saudi Fransi

  BUY

  Last Closing Price

  SAR 18.02

  Target Price

  SAR 21.70

  Upside (%)

  +20.42%

  Saudi Equity Research - Banque Saudi Fransi (BSF) 3Q25 - First Look Note

  Net funded income rose 8.9% YOY to SAR 2,162 Mn in 3Q25 supported by a rise in advances and asset yield. Net advances increased by 7.3% YOY and 2.7% QOQ to SAR 215.6 Bn in 3Q25. Customer deposits fell 3.9% YOY but rose 1.7% QOQ to SAR 185.9 Bn in 3Q25.

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  FIRST LOOK NOTES

  23 Jul 2025

  Banque Saudi Fransi

  BUY

  Last Closing Price

  SAR 17.26

  Target Price

  SAR 21.70

  Upside (%)

  +25.72%

  Banque Saudi Fransi (BSF)-2Q25 First Look Note

  Net funded income rose 3.7% YOY to SAR 4,324 Mn in 2Q25 supported by a rise in advances and asset yield. Net advances increased 6.5% YOY and 0.4% QOQ to SAR 209.9 Bn in 2Q25 due to growth across corporate and retail lending.

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