Bank Albilad’s net profit rises 30% to SAR 1.258 bln in 9M 2021

20/10/2021 Argaam Exclusive

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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %

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.

 

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Balance Sheet (B)

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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Share Price

Bank Albilad
36.65
(0.85) (2.27 %)

Bank Albilad (ALBILAD)

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Financial Ratios
Current
Market Cap (M) 45,812.50
Shares Outstanding ((M)) 1,250.00
EPS ( Riyal) (TTM) 2.10
EPS Diluted ( Riyal) (TTM) 2.11
Book Value (BV) ( Riyal) 12.91
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 17.46
P/E (TTM) 17.46
Price/book 2.84
Return on Average Assets (%) (TTM) 1.8
Return on Average Equity (%) (TTM) 17.1
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