Recent Research

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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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• 

  FIRST LOOK NOTES

  23 Apr 2025

  Banque Saudi Fransi

  BUY

  Last Closing Price

  SAR 18.00

  Target Price

  SAR 21.70

  Upside (%)

  +20.56%

  Saudi Equity Research - Banque Saudi Fransi (BSF) 1Q25 - First Look Note

  BSF’s net funded income increased 10.4 % YOY to SAR 2,118 Mn in 1Q25. Net advances grew 12.7% YOY and 2.4% QOQ to SAR 209 Bn in 1Q24 and further estimates its loan book to grow by low teens in 2025. The BSF’s total equity rose 3.9% QOQ to SAR 48.4 Bn in 1Q25.

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  FIRST LOOK NOTES

  12 Feb 2025

  Banque Saudi Fransi

  BUY

  Last Closing Price

  SAR 16.74

  Target Price

  SAR 21.70

  Upside (%)

  +29.63%

  Saudi Equity Research - Banque Saudi Fransi (BSF) 4Q24 - First Look Note

  The Bank continued to record strong momentum in loan book with 13.8% YOY and 1.6% QOQ growth to SAR 204.2 Bn in 4Q24. BSF expects its advances portfolio to grow by low teens in 2025. BSF launched its digital mobile application that features comprehensive functionality with additional services to be added in 2025.

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  FIRST LOOK NOTES

  30 Oct 2024

  Banque Saudi Fransi

  BUY

  Last Closing Price

  SAR 31.40

  Target Price

  SAR 45.00

  Upside (%)

  +43.31%

  Saudi Equity Research - Banque Saudi Fransi (BSF) 3Q24 - First Look Note

  The Bank continued to record strong momentum in loan book which grew 15.1% YOY and 2.0% QOQ to SAR 201.0 Bn in 3Q24. The Bank’s cost-to-income ratio grew 554 bps YOY and 98 QOQ to 35.5% in 3Q24. The Saudi Capital Market Authority approved BSF’s request to increase capital from SAR 12.05 Bn to SAR 25 Bn.

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• 

  FIRST LOOK NOTES

  11 Oct 2024

  Banque Saudi Fransi

  BUY

  Last Closing Price

  SAR 34.45

  Target Price

  SAR 46.00

  Upside (%)

  +33.53%

  Growth in non-funded income and lower impairments supported profit

  Net advances grew 16.2% YOY and 6.3% QOQ to SAR 197 Bn in 2Q24 mainly due to a growth in commercial and retail advances

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