Bank Albilad reported a net profit of SAR 1.258 billion for the first nine months of 2021, an increase of 30% from SAR 970.7 million in the same period last year.
The profit growth was driven by a 10% year-on-year (YoY) rise in gross operating income and a 0.3% drop YoY in gross operating expenses. The bank also cited lower net provisions for expected credit losses, along with higher net income from investment and financing activities, net fee and commission income, dividend income, and other operating income.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 2,445.82 | 2,588.00 | 5.8 % |
| Operating Income | 3,122.15 | 3,437.14 | 10.1 % |
| Total Provisions | (514.27) | (448.34) | 12.8 % |
| Net Income | 970.71 | 1,258.55 | 29.7 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.78 | 1.01 | 29.7 % |
The bank’s net profit for Q3 2021 stood at SAR 449.7 million, up 18% YoY, due to a 6% rise in gross operating income on higher net income from investment and financing activities.
Total operating expenses decreased by 2% YoY, due to lower net impairment charges for expected credit losses.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 855.52 | 886.75 | 3.7 % |
| Operating Income | 1,112.62 | 1,174.47 | 5.6 % |
| Debt Provisions | (160.29) | (142.50) | 11.1 % |
| Net Income | 382.61 | 449.70 | 17.5 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.31 | 0.36 | 17.5 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 842.49 | 886.75 | 5.3 % |
| Operating Income | 1,131.04 | 1,174.47 | 3.8 % |
| Debt Provisions | (136.35) | (142.50) | (4.5 %) |
| Net Income | 416.09 | 449.70 | 8.1 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.33 | 0.36 | 8.1 % |
On a sequential basis, net profit rose 8.07% from SAR 416 million.
Total shareholders’ equity, excluding minority interest, increased 14.92% to SAR 11.867 billion in the first nine months of 2021, from SAR 10.326 billion.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Assets | 92.31 | 111.61 | 20.9 % |
| Customer Deposits | 68.88 | 82.35 | 19.6 % |
| Financing Investments | 67.76 | 81.80 | 20.7 % |
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