Bank Albilad's financial statements showed an increase in the bank's net profits in the first half of this year by 37.5% on an annual basis.
According to the bank's results for the Saudi market (Tadawul), today, Sunday, the profits for the period amounted to 808.8 million riyals, compared to 588.1 million riyals, profits for the same period last year.
The bank achieved profits of 416.1 million riyals in the second quarter of this year, compared to 318.1 million riyals in profits for the same period in 2020, an increase of 30.8%.
Revenues amounted to 910.7 million riyals in the second quarter of this year, compared to 908 during the corresponding period of 2020, with a slight growth rate of 0.3%.
The bank said that the net income increased as a result of an increase in total operating income by 13%, as a result of the increase in net income from fees and commissions, net investment gains and net income from investment and financing assets. Income from other operations and dividends, offset by a decrease in foreign exchange gains.
On the other hand, total operating expenses increased by 3%, as a result of the increase in other general and administrative expenses, depreciation, amortization, salary expenses and the like, offset by a decrease in the net provision Expected credit losses.
