Bank Albilad reported a 14% rise in net profit to SAR 1.76 billion for the first nine months of 2023, compared to SAR 1.54 billion in the prior-year period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 2,904.50 | 3,105.52 | 6.9 % |
| Operating Income | 3,842.76 | 3,965.49 | 3.2 % |
| Total Provisions | (412.02) | (276.82) | 32.8 % |
| Net Income | 1,541.94 | 1,761.97 | 14.3 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 1.23 | 1.41 | 14.3 % |
| EPS Diluted (Riyals) | 1.23 | 1.42 | 15.0 % |
The bank reported a 3% year-on-year (YoY) increase in gross operating income during the nine-month period. This was mainly due to higher net income from investing and financing assets and net gain on FVSI instruments.
This was offset by a YoY decline in net exchange income, other operating income, net fee and commission income and dividend income.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 1,003.38 | 1,051.99 | 4.8 % |
| Operating Income | 1,325.49 | 1,335.84 | 0.8 % |
| Debt Provisions | (132.06) | (72.58) | 45.0 % |
| Net Income | 540.65 | 616.17 | 14.0 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.43 | 0.49 | 14.0 % |
| EPS Diluted (Riyal) | 0.43 | 0.49 | 15.1 % |
The third-quarter net profit grew 14% to SAR 616.20 million from SAR 540.65 million in Q3 2022, on a 1% higher gross operating income.
Sequentially, the Q3 bottom line grew by 5.2% from SAR 585.90 million.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Assets | 127.02 | 137.57 | 8.3 % |
| Customer Deposits | 93.89 | 108.92 | 16.0 % |
| Financing Investments | 92.29 | 101.60 | 10.1 % |
Shareholders’ equity, with no minority interest, stood at SAR 14.61 billion by the end of Sept. 30, 2023, compared to SAR 13.03 billion in the year-earlier period.
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