Recent Research

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  FIRST LOOK NOTES

  28 Oct 2026

  Banque Saudi Fransi

  BUY

  Last Closing Price

  SAR 19.34

  Target Price

  SAR 24.00

  Upside (%)

  +24.10%

  Saudi Equity Research - Banque Saudi Fransi (BSF) 3Q26 - First Look Note

  Net advances rose 6.9% YOY and 2.7% QOQ to SAR 230.4 Bn in 3Q26. Customer deposits grew 9.3% YOY but declined 0.7% QOQ to SAR 203.2 Bn during 3Q26. BSF's non-funded income increased strongly from SAR 437 Mn in 3Q25 to SAR 559 Mn in 3Q26.

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  EARNINGS CALL INSIGHT

  28 Oct 2026

  Banque Saudi Fransi

  BUY

  Last Closing Price

  SAR 19.10

  Target Price

  SAR 24.00

  Upside (%)

  +25.65%

  Saudi Equity Research - Banque Saudi Fransi (BSF) 3Q26 - Earnings Call Insight

  Banque Saudi Fransi (BSF/the Bank) reported an 11.5% YOY rise in net profit to SAR 1,509 Mn in 3Q26, in line with our estimate of SAR 1,530 Mn, supported by higher net funded and non-funded income, partially offset by higher operating expenses and impairment charges.

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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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