The profits of Bank Albilad decreased by 5.2% to reach 270 million riyals in the first quarter of 2020, compared to 284.9 million riyals in the first quarter of 2019. > According to Arabiya Net, Albilad Bank’s profits decreased by 17.4% compared to the previous quarter’s profits which were 327 million riyals.
The value of private commission income / financing and investments in the first quarter amounted to 730.5 million riyals, compared to 597 million riyals, in the first quarter of 2019, an increase of 22%. The bank attributed the decrease in its profits to a 5% decrease in net income, as a result of an increase in total operating expenses by 16% due to the increase in the provision for lower financing and other financial assets and salary expenses The same and other general and administrative expenses, and depreciation and amortization expenses.
On the other hand, total operating income increased by 9%, due to an increase in net income from investment and financing assets, foreign exchange gains and dividends. This was offset by a decrease in investment gains / (losses), other operating income and net commission income.
