The financial statements of Bank Albilad revealed an increase in the bank’s profits in the third quarter of this year by 20.2% on an annual basis, to reach 540.6 million riyals, compared to 449.7 million riyals profits for the same period in 2021.
Bank Albilad said in a statement to the Saudi market (Tadawul), today, Tuesday, that the increase in profits during the comparison periods is due to the increase in net income as a result of an increase in total operating income by 13%, as a result of the increase in net income from investment and financing assets, income from other operations, and gains Foreign currency conversion and net investment gains. Offset by a decrease in income, commission fees and dividends.
On the other hand, according to a statement by Bank Albilad, the total operating expenses before the allowance for credit and other losses increased by 11%, as a result of the increase in other general and administrative expenses, salaries expenses and the like, depreciation and amortization.
The financial statements of Bank Albilad also showed an increase in net profits for the first nine months of this year by 22.5%, to reach at the end of the period 1.54 billion riyals, compared to the profits of the same period last year, which amounted to approximately 1.26 billion riyals.
Bank Albilad explained that the increase in profits for the nine months is due to the increase in net income as a result of an increase in operating income by 12%, due to the increase in net income from investment and financing assets, income from other operations, foreign currency conversion gains and net gains from investments and dividends. However, income and commission fees decreased.
The value of Bank Albilad customers’ deposits at the end of the first nine months of this year amounted to about 93.89 billion riyals, compared to 82.35 billion riyals in the same period of 2021, with an increase in the value of deposits by 14%.
