Bank Albilad 9M 2022 profit up 23% to SAR 1.541 bln, Q3 at SAR 540.6 mln

25/10/2022 Argaam Exclusive

Bank Albilad reported a net profit of SAR 1.541 billion for the first nine months of 2022, an increase of 23% compared to SAR 1.258 billion in the year-earlier period. 

 


Financials (M)

Item 9m 2021 9m 2022 Change‬
Net Income from investments and financial activities 2,588.00 2,904.50 12.2 %
Operating Income 3,437.14 3,842.76 11.8 %
Total Provisions (448.34) (412.02) 8.1 %
Net Income 1,258.55 1,541.94 22.5 %
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 1.01 1.23 22.5 %

The bank attributed the profit rise to a 12% year-on-year (YoY) rise in total operating income, due to higher net income from investing and financing activities, other operating income, net exchange income, net gains on FVSI investment and dividend income.  

 

Q3 2022 net profit amounted to SAR 540.6 million, up 20% YoY from SAR 449.70 million, due to a 13% increase YoY in total operating income, mainly driven by the increase in net income from investing and financing assets, other operating income, net exchange income and net gains on FVSI investment. 

 

On a sequential basis, Q3 net profit grew 5.8% from SAR 510.98 million in Q2 2022.  



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Net Income from investments and financial activities 886.75 1,003.38 13.2 %
Operating Income 1,174.47 1,325.49 12.9 %
Debt Provisions (142.50) (132.06) 7.3 %
Net Income 449.70 540.65 20.2 %
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.36 0.43 20.2 %

Shareholders’ equity, no minority interest, reached SAR 13.034 billion as of Sept. 30, 2022, compared to SAR 11.867 billion in the year-earlier period

 

Balance Sheet (B)

Item 9m 2021 9m 2022 Change‬
Assets 111.61 127.02 13.8 %
Customer Deposits 82.35 93.89 14.0 %
Financing Investments 81.80 92.29 12.8 %

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Share Price

Bank Albilad
35.65
(0.30) (0.83 %)

Bank Albilad (ALBILAD)

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Financial Ratios
Current
Market Cap (M) 44,562.50
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) 16.99
P/E (TTM) 16.99
Price/book 2.76
Return on Average Assets (%) (TTM) 1.8
Return on Average Equity (%) (TTM) 17.1
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