The financial results of Bank Albilad revealed that the bank’s profits in the second quarter of this year increased by 22.8% on an annual basis, to reach 511 million riyals, compared to 416.1 million riyals in the same period last year.
The bank said in a statement to the Saudi market (Tadawul), today, Wednesday, that the increase in profits during the comparison periods is mainly due to the increase in total operating income by 11%, as a result of the increase in net income from investment and financing assets, dividends, foreign exchange gains and income. other operations. This was offset by a decrease in net commission income and fees and investment gains (losses).
The results also showed an increase in the bank's profits in the first half of this year by 23.8% to reach 1001.3 million riyals, compared to the profits of the same period last year, which amounted to 808.8 million riyals.
The bank clarified that the increase in the semi-annual profits compared to the same period in 2021 is mainly due to an 11% increase in operating income, and this is due to the increase in net income from investment and financing assets, investment gains (losses), dividends, and foreign exchange gains. and other operations entered. Offset by a decrease in net commission income and fees.
