Banque Saudi Fransi. Third Quarter 2011 Financial Results. Philippe Touchard, Chief Financial Officer BSF / CFO

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1 Banque Saudi Fransi Third Quarter 2011 Financial Results Philippe Touchard, Chief Financial Officer BSF / CFO

2 BSF / CFO 1. Financial Performance

3 BSF Overall Performance Key Financials Recent developments Positive macroeconomic environment: ample liquidity in the system and Banks credit at +9. compared to last year same period (+8% since the beginning of the year) Assets increased by 8% Y-Y and 6% YTD Strong lending growth: total loans expanded by 5.3% compare to 2Q2011 and by 10.1% Y-o-Y; Retail loans increased by 30% Improvement in Asset quality indicators NPL ratio from 1.25% to 1.18% Cost of risk 0.16% Strong coverage ratio at 141% All ratings at investment grade and all reaffirmed FY2011 US$ mn 9m m 2011 Y-Y Balance Sheet Total Assets 32,256 32,858 34,926 8% Net Loans & Advances 21,721 21,594 23,925 10% Customer Deposits 24,343 24,941 26,068 7% Total Equity 4,742 4,806 5,146 9% Income Statement Operating Income 9m 883 1, % Net Income % Key Ratios RoAA 2.06% 2.31% 2.30% NPL / Gross Loans 1.25% 1.23% 1.18% Loan / Deposits 84.7% 82.3% 88.0% Total Capital Adequacy 14.37% 14.73% 14.5 Strong third quarter results despite the usual slowdown of activities during Ramadan season Key Financial Highlights Operating income increased by 6% vs 9m 2010 (+3.4% in interest revenue; +8.6% non interest Related). Fees & Commissions increased by 2 Y-o-Y Provisions taking declined by 65% Y-Y Net income are up 8% for 9 months 2011 Y-o-Y S&P and Fitch AA- A+ A A- BBB+ Aa3 A1 A2 A3 Baa1 Moody s Loan to Deposit Ratio at 88% BBB Baa2 Return on Equity at 16% BBB Baa3 Funding cost at 0.15% Capital Adequacy Ratio at 14.5% Moody's S&P Fitch Fitch reaffirmed all BSF ratings the 13 th June 2011 BSF / CFO 3 Moody s reaffirmed all BSF ratings the 13 th July 2011 S&P reaffirmed all BSF ratings the 22 nd July 2011

4 BSF Operating Income Analysis % Operating Income Analysis by Business Segments (US$mn) % 5.8% 3.3% 2.4% 18.9% 14.7% 13.5% 19.0% Operating Income increased by 5% (9 months 2011 vs. 9 months 2010) 48.7% 46.1% 46.7% 47.7% % 31.4% 31.9% 32.8% 34.5% Retail banking Corporate banking Treasury Investment banking and brokerage Operating Income Analysis by Product (US$mn) % % 4.6% 4.9% 4.8% 2.6% 4.9% 4.5% 4.3% % 18.9% 19.8% % 73.1% 65.9% 67.8% 69.4% It is noteworthy that: Retail assets (Retail Banking and Private Banking) increased by +8.3% Consumer loans : +30% Volume of Non Interest Bearing Deposits represent now 50% of total deposits Fee and commissions increased by 2: Trade Finance : +15% Cards products: +41% Loan fees:+24% Brokerage fees: +23% Higher Contribution of Non interest related revenue to the total revenue (32.3% vs 31. end of 9m 2010) Source: BSF financial statements Net interest income Fees from banking services, net Exchange income, net Trading income, net BSF / CFO 4

5 Profitability and Efficiency 2.85% 2.85% Net Interest (US$mn) 2.71% 2.69% 2.70% Operating Income (US$mn) Net Interest Income Net Interest Margin Net Income (US$mn) Cost/Income 14.33% % 16.01% 17.06% 16.09% % 30.5% 35.1% % % 2.38% 2.30% BSF / CFO 5 Net Profit R.O.E R.O.A

6 Business Segments Performance Corporate Banking Assets (US$mn) Operating Income (US$mn) Net Income (US$mn) 21,254 19,418 19,152 19,894 19, Assets increased by 9.5% compared to end of September 2010, thanks to a 27% growth in the Commercial Banking loan portfolio and 9% growth in the Corporate Banking portfolio The Operating Income increased by 7.5%. This is the result of higher loan fees and significant increase in Trade Finance Activities Net results increased by 24.4% due to fee income increase and lower provisions (-96% Y-Y) 9m m m m 2011 Retail Banking (including Wealth Management) 3,656 3,788 Assets (US$mn) Operating Income (US$mn) Net Income (US$mn) 3,951 3,953 3, m m m m 2011 Assets increased by 8% compared to Q3 2010, with consumer loans increasing by 30% and credit cards by 2 Net income (+3%) penalized by the lower remuneration on Non Interest Bearing Deposits due to lower interest rates environment Cost of risk at 0.9% for retail banking loan portfolio BSF / CFO 6 Source: BSF and financial statements Note: US$ /SAR exchange rate = 3.75.

7 Business Segments Performance Investment Banking & Brokerage Operating Income (US$mn) 18 Net Income (US$mn) BSF s brokerage activities are witnessing a slight rebound due to higher volumes, net income are up 20 to 14 million USD for nine months BSF s brokerage activities generated 30% more revenue (y-o-y) and Asset Management +9% market share in this segment of activity is at 10% Treasury and Proprietary activities Assets (US$m) % 63% 46 Net Income (US$mn) BSF / CFO 7 Source: BSF and financial statements Note: US$ /SAR exchange rate = Saudi Government Bonds Investment grade Unrated Maturing bonds in the portfolio and extremely low interest rates environment explain the reduction in net income

8 BSF / CFO 2. Asset Quality & Risk Profile

9 Assets Mix Optimisation of Asset Mix (US$mn) 26,615 4% 33,564 6% 32,153 32,858 4% 5% 34,926 5% 60% 64% 65% 66% 69% 23% 2 14% 16% 14% 13% 8% 16% 13% Q Liquid assets Investments net Loans and advances net Other assets (1) Note: US$ /SAR exchange rate = Source: Financial statements. BSF / CFO 9 Liquid Assets are made of Cash at SAMA, Interbank lending. Contribution of investments to total balance sheet due to purchase of Saudi T-bills 75% of securities held in the investment portfolio are repoable and saleable on the market.

10 Loan Portfolio Analysis Loan Portfolio (US$mn) 23,925 BSF managed to grow its loan portfolio at by 10% Year-on-Year (total Market = +9.) 142.0% 21, % 21,594 22, % 22, % 140.6% NPL Ratio reduced from 1.25% to 1.18% Performing loans increased by 10.1% Y-Y, and non performing loans increased by 3.5%. 1.25% 1.23% % 1.18% 30-Sep Dec Mar Jun Sep-11 Net Loans NPL Coverage NPL / Total Loans New loan loss provisions created during 9m 2011 are 65% lower than 9m The actual Stock of provisions (403m USD) represent, end of September 2011, 140.6% of total Non Performing loans BSF / CFO 10

11 Funding and Liquidity 27,514 4% 4% 28,052 4% Funding Mix (US$mn) 29,001 5% 3% 30,736 5% 5% 29,779 4% 4% The Bank is fairly liquid with a loan to deposit ratio at 88% 88% 89% 88% 86% 88% BSF relies on a very stable and diversified customers deposit base (88% of total funding) Customer deposits Due to banks Term loan Debt securities Other liabilities Deposits Development (US$mn) 24,744 24,330 24,941 19,735 26, % 82.8% 84.7% 82.3% 88.0% Low cost deposit base: The proportion of Non Interest Bearing Deposits in the total customers deposits improved from 43% (Q3 2010) to 50% (Q3 2011) 69.6% 30.4% 69.1% 30.9% 62.7% 37.3% 53.8% % 50.1% Debt securities ( of total liabilities) are the USD Bonds that were issued in March 2010 for an amount of USD 650 M Q Non Interest Bearing Deposits Interest Bearing Deposits Loan/Deposit (1) BSF / CFO 11 (1) As per SAMA s definition, loans / deposits ratio includes medium term loans as part of deposits Source: BSF and financial statements

12 Capital Adequacy Capital Base (US$mn) 13.7% 4,753 5, % 3,617 4, % 14.5% 2, Q Tier 1 Tier 2 CAR % Source: BSF maintains at all time a Capital Adequacy Ratio (Total Capital) above 1 BSF and financial statements BSF / CFO 12

13 Banque Saudi Fransi Thank You BSF / CFO

14 Disclaimer You must read the following before continuing. The following applies to the confidential information following this page (the "Confidential Information") and you are therefore advised to read this carefully before reading, accessing or making any other use of the Confidential Information. In accessing the Confidential Information, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. This presentation is being provided to you (each referred to hereafter as a "Recipient") on a confidential basis. The information contained herein has been obtained from sources believed by Banque Saudi Fransi (the "Company") to be reliable, but no representation or warranty, express or implied, is made with respect to the fairness, correctness, accuracy reasonableness or completeness of the information and opinions. This communication has been prepared by, and is the sole responsibility of, the Company that is the subject of this communication. It has not been reviewed, approved or endorsed by any lead manager, bookrunner or underwriter retained by the Company. This communication is provided for information purposes only. Whilst all reasonable care has been taken to ensure that the facts stated herein are accurate and that the opinions and expectations contained herein are fair and reasonable, no representation or warranty, express or implied, is made by the Company or its affiliates with respect to the fairness, completeness, correctness, reasonableness or accuracy of any information and opinions contained herein. Any opinion, estimate or projection in this presentation constitutes an opinion, estimate or projection as of the date of this presentation, and there can be no assurance that future results will be consistent with any such opinion, estimate or projection. There is no obligation to update, modify or amend this communication or to otherwise notify the Recipient if information, opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. The information in this presentation is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning the Company. This document has been furnished to the Recipients solely for their information. It is not intended for distribution to the press or other media and may not be reproduced or redistributed by mail, facsimile, electronic or computer transmission or by any other means to any other person. The distribution of this document in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. For disclosures in respect of any company, please see the most recently published report on that company available at All market data included in this report are dated as at close 28 September 2010, unless otherwise indicated in the report. BSF has procedures in place to identify and manage any potential conflicts of interest that arise in connection with its Research business. A Chinese Wall is in place between the Investment Banking and Research businesses to ensure that any confidential and/or price sensitive information is handled in an appropriate manner. BSF / CFO 14

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