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Annual Report 2019 Report Annual Fransi Saudi Banque Banque Saudi Fransi (BSF) is a Saudi Arabian Joint Stock Company established in 1977. BSF offers financial services in Corporate Banking, Retail Banking, Private Banking and Global Investing in Markets. The Bank also provides investment banking, asset management, investment the future funds and brokerage services through its Banque Saudi Fransi Annual Report 2019 subsidiary Saudi Fransi Capital. Banque Saudi Fransi Annual Report 2019 King Saud Road Po Box 56006 Riyadh 11554 Kingdom of Saudi Arabia WWW.ALFRANSI.COM.SA Highlights Profit before zakat and tax Revenue 6,873m Dividends per share 3,619m 3,532 3,619 3,307 6,576 6,799 6,873 2.0 2.0 1.7 1.4 2017 2018 2019 2017 2018 2019 Net Interest Margin 2017 2018 2019 Basic earnings per share* 3.04% 3.04% 2.85% 2.50% 2.60 Operating expenses (before provision) 2.69 2.60 2017 2018 2019 1.17 2017 2018 2019 2,287m 2,387 2,291 2,287 *After zakat and tax 2017 2018 2019 Strategic Corporate Financial Overview Report Governance Statements Contents Overview Strategic Report Highlights 1 MD & CEO’s Statement 8 Chairman’s Statement 2 Market Overview 12 At a Glance 4 Our Business 14 Our Strategy 16 Digital 20 Key Performance Indicators 22 Principle Risks 24 Business Review 28 Financial Review 43 Business Review continued 44 Our People 46 Our Corporate Social Responsibility 50 Corporate Governance Board of Directors 54 Executive Management 56 Board of Directors’ Report 2018 60 Financial Statements Independent Auditors’ Report 110 Consolidated Statement of Financial Position 114 Consolidated Statement of Income 115 Consolidated Statement of Comprehensive Income 116 Consolidated Statement of Changes in Equity 117 Consolidated Statement of Cash Flows 118 Notes to the Consolidated Financial Statements 119 Banque Saudi Fransi Annual Report 2019 1 Strategic Corporate Financial Overview Report Governance Statements Overview Chairman’s Statement Investing in We are proud to support Vision 2030 and were a major the future contributor to the successful 2019 Saudi Aramco initial I am pleased to report that 2019 was a strong year for Banque Saudi Fransi. public offering. I am pleased to report that 2019 level, including the appointment of new strategic objectives in the long-term. conversation of the G20 Summit. We was a strong year for Banque Saudi Board members and a new Chairman. To this end, we continue to re-examine have developed a full year of activities Fransi. Against the backdrop of an Following its divestment of a six percent lending guidelines, including, inter alia, and engagements, with a focus on small uncertain economic environment both stake in 2019, shareholder Credit Agricole credit quality, industry exposures, maturity and medium enterprises and the UN locally and globally, we achieved strong no longer has representation on the and concentration. We have also taken Sustainable Development Goals. financial results, including a 9.4 percent Banque Saudi Fransi Board. additional steps in the areas of: risk increase in net income before Zakat, identification, including a separate Investing in the future a 4.2 percent increase in loans and At this important milestone, we celebrate portfolio management function; We are investing in the future, even as we advances, and a nearly 20 percent the long history and valuable legacy that measurement, through collaboration witness the rapid transformation coming drop in impairment charges. links Credit Agricole to the founding and with Moody’s Analytical Services; to local and global markets, economies, development of Banque Saudi Fransi and monitoring, through process regulations, technology and customer Achieving performance targets over the past 43 years. We are a stronger improvements and restructurings. behaviour. We remain focused on As we evolved in 2019, the Bank organisation for having been on this developing and leading with local talent, continued to register growth, with four-decade journey with one of France Supporting these efforts, we updated while promoting diversity and inclusion reported revenues of SAR 6.9 billion, up and Europe’s leading banks. policies and governance charters across throughout our organisation. 1.1 percent from last year, driven by higher risk areas and dimensions to align with interest income and partially offset by Building strength for the global best practices, notably in areas such In addition to providing products and lower trading income. When excluding journey ahead as liquidity management, operational risk solutions that help our customers and the the impact of capital gains from the In 2019, the macroeconomic situation and loss data policies, corporate cyber Kingdom thrive in these changing times, sale of Allianz Saudi Fransi stake in 2018, included a relatively low interest rate security policy, model governance and we are also continuously strengthening revenue growth in 2019 was 2.6 percent environment coupled with continued credit committee charter. our customer relationships. To this end we over 2018. global trade uncertainty. Modest GDP organised the first BSF Leaders Forum in growth was observed globally and Driving the vision London during the year, bringing together We recognise that the Bank’s success regionally. In the Kingdom, growth was One of the most significant drivers of over 250 senior business leaders, decision is predicated on the successful constrained, as the groundwork was change and opportunity in the Saudi makers and other thought leaders from implementation of our mission to improve completed and initial steps were taken banking sector is Saudi Vision 2030. We across the Kingdom and around the the customer experience and earn our regarding Saudi Vision 2030 reforms and are proud to support Vision 2030 and world to explore the theme: “When customers’ loyalty every day. This means initiatives, and giga-project development were a major contributor to the successful change is the only constant”. This highly providing products and services that was getting off the ground. While Vision 2019 Saudi Aramco initial public offering. successful event deepened personal enrich our customers’ lives by developing 2030 is expected to contribute to the This represented a critical milestone for and business relationships, and provided as a fully universal bank with a strong long-term growth of Saudi Arabia, the Saudi Vision 2030, for Tadawul, and for a platform for future opportunities. retail presence and a better balance near-term economic outlook in the the Kingdom’s energy sector. Saudi Fransi of corporate and retail business. Kingdom and in the world as a whole Capital was a leading joint bookrunner I would like to thank my fellow members is highly uncertain given the ongoing and did an exceptional job supporting of the Board of Directors for their We understand the centrality of effects of COVID-19. clients and employees looking to commitment to this organisation. To digitisation to this vision, and so we participate in the share offering. We also the Saudi government leadership and are committed to being a leader With this complex economic backdrop, are working to assist in the financing regulators, we thank you for your vision in the Kingdom’s banking sector in the we continued to strengthen our approach of key Saudi Vision 2030 giga-projects. to create a supportive and encouraging deployment of digital solutions and to managing risk and liquidity, which business environment. To our partners, technologies. Our goal, put simply, include updating our internal risk and As one of the Kingdom’s leading banks, we appreciate your cooperation, and to is to become a digital-first bank. liquidity metrics and analyses. We aim to we are proud to support Saudi Arabia in our shareholders, we express our deep closely monitor our liquidity position and Chairing the G20 Summit in November, appreciation for your trust and confidence A historic transition the quantum of risk the Bank is willing to and we are preparing to contribute at the in Banque Saudi Fransi and our vision Our management teams succeeded in accept in order to withstand any potential individual and institutional level. Saudi for the Bank today and in the future. delivering strong results during a period impact from COVID-19 while best banks are participating as cornerstone of transition at the Board and shareholder positioning the Bank to achieve its sponsors of the B20, the business-focused Mazin Al Romaih Chairman 2 Banque Saudi Fransi Annual Report 2019 Banque Saudi Fransi Annual Report 2019 3 Strategic Corporate Financial Overview Report Governance Statements Overview At a Glance Al-jouf Tabuk Hafr Al Baten Hail Jubail Qatif The Kingdom’s Sihat Dammam Qasim Khobar Yanbu Dhahran Riyadh Hassa trusted banking Al Kharj Madin partner Jeddah Banque Saudi Fransi has been a cornerstone of the Saudi banking sector for over Makkah four decades, providing the financial advisory and services to the individuals Taif and organisations that are fundamental to the sustained stability and Baha Saudi Arabia strong growth of the Kingdom’s economy. Locations Khamis Mushait Abha Head Office Najran Through long-term customer With visionary leadership, robust Jizan relationships and a sustained governance and a clear strategy – Regional Offices commitment to customer-focused designed to enhance our core while innovation, we offer a comprehensive unlocking shareholder value through Branches suite of market-leading products and strategic growth beyond our core Our Mission award-winning platforms, supported and digital transformation for greater by a premium
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