Bank Albilad reported a net profit of SAR 2.36 billion for the 12 months ended Dec. 31, 2023, an increase of 14% compared to SAR 2.08 billion for the year-earlier period.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 3,886.67 | 4,109.84 | 5.7 % |
| Operating Income | 5,191.43 | 5,302.79 | 2.1 % |
| Total Provisions | (550.65) | (323.83) | 41.2 % |
| Net Income | 2,081.69 | 2,368.94 | 13.8 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 1.67 | 1.90 | 13.8 % |
| EPS Diluted (Riyals) | 1.67 | 1.90 | 14.0 % |
The bank’s total operating income rose 2%, mainly backed by higher net income from investing and financing assets, net gain on FVSI instruments and dividend income. However, other operating income, net exchange income and net fee and commission income decreased.
Other general and administrative expenses decreased and net impairment charge for expected credit losses declined by 41% year-on-year (YoY).
Meanwhile, total operating expenses before net impairment charge increased by 1% YoY.
Q4 2023 net earnings rose 13% to SAR 607 million, from SAR 539.75 million in the year-earlier period.
On a sequential basis, Q4 net profit declined by 1.5%.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 982.17 | 1,004.32 | 2.3 % |
| Operating Income | 1,348.67 | 1,337.30 | (0.8 %) |
| Debt Provisions | (138.63) | (47.01) | 66.1 % |
| Net Income | 539.75 | 606.97 | 12.5 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.43 | 0.49 | 12.5 % |
| EPS Diluted (Riyal) | 0.43 | 0.49 | 13.5 % |
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Assets | 129.54 | 143.11 | 10.5 % |
| Customer Deposits | 94.84 | 112.83 | 19.0 % |
| Financing Investments | 91.18 | 102.08 | 12.0 % |
Total shareholders’ equity, no minority interest, stood at SAR 15.25 billion by Dec. 31, 2023, compared to SAR 13.39 billion in the prior-year period.
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