BSF Reports 8% Growth in Net Income for FY 2024, Reaching SAR 4,544 Million
06/Feb/2025
Riyadh, 5 February 2025 – BSF announced an 8% year-on-year increase in net income, reaching SAR 4,544 million for FY 2024. This growth was driven by a 19% rise in non-interest income and a 26% reduction in impairment charges, despite an increase in operating expenses.
Operating income grew by 4% to SAR 9,658 million, with non-interest income surging by 19%. Net interest income saw a modest 1% increase, as balance sheet expansion was partially offset by margin compression.
Total assets stood at SAR 292.8 billion as of 31 December 2024, marking a 15% year-on-year increase. This was fueled by a 14% growth in loans and a 24% expansion in the investment portfolio. Customer deposits grew by 7%, with both interest-bearing and non-interest-bearing categories contributing to the rise.
Bader Alsalloom, CEO of BSF, stated: "Our strong performance in 2024 highlights the successful execution of our strategic initiatives. The 8% net income growth underscores our progress in revenue diversification and risk management. With a solid balance sheet, a positive market environment, and key investments in digital transformation—including the launch of our omnichannel digital app and core banking system—we are well-positioned for sustainable growth. Moving forward, we remain focused on innovation, operational efficiency, and expanding customer-centric solutions."
Quarterly net income increased by 35% year-on-year but saw a 3% decline quarter-on-quarter due to higher risk and operating costs.
BSF’s capital adequacy ratio improved to 19.7%, supported by the issuance of SAR 3 billion in Tier 1 sukuk and retained earnings growth. The bank also increased its capital to SAR 25 billion through a bonus share issuance, reinforcing its financial position.
The Saudi Arabian economic outlook remains positive, with projected GDP growth of 3.3% in 2025. BSF is well-positioned to capitalize on this environment, leveraging its strategic initiatives to enhance shareholder returns.
Operating income grew by 4% to SAR 9,658 million, with non-interest income surging by 19%. Net interest income saw a modest 1% increase, as balance sheet expansion was partially offset by margin compression.
Total assets stood at SAR 292.8 billion as of 31 December 2024, marking a 15% year-on-year increase. This was fueled by a 14% growth in loans and a 24% expansion in the investment portfolio. Customer deposits grew by 7%, with both interest-bearing and non-interest-bearing categories contributing to the rise.
Bader Alsalloom, CEO of BSF, stated: "Our strong performance in 2024 highlights the successful execution of our strategic initiatives. The 8% net income growth underscores our progress in revenue diversification and risk management. With a solid balance sheet, a positive market environment, and key investments in digital transformation—including the launch of our omnichannel digital app and core banking system—we are well-positioned for sustainable growth. Moving forward, we remain focused on innovation, operational efficiency, and expanding customer-centric solutions."
Quarterly net income increased by 35% year-on-year but saw a 3% decline quarter-on-quarter due to higher risk and operating costs.
BSF’s capital adequacy ratio improved to 19.7%, supported by the issuance of SAR 3 billion in Tier 1 sukuk and retained earnings growth. The bank also increased its capital to SAR 25 billion through a bonus share issuance, reinforcing its financial position.
The Saudi Arabian economic outlook remains positive, with projected GDP growth of 3.3% in 2025. BSF is well-positioned to capitalize on this environment, leveraging its strategic initiatives to enhance shareholder returns.
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