Bank Albilad posts 14% profit rise to SAR 1.14 bln in H1 2023; Q2 at SAR 585.9 mln

Bank Albilad reported a 14% leap in H1 2023 net profit to SAR 1.14 billion from SAR 1 billion in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Net Income from investments and financial activities	1,901.12	2,053.53	8.0 %
Operating Income	2,517.27	2,629.65	4.5 %
Total Provisions	(279.96)	(204.24)	27.0 %
Net Income	1,001.30	1,145.80	14.4 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.80	0.92	14.4 %
EPS Diluted (Riyals)	0.80	0.92	15.4 %

The profit growth was buoyed by better operating income, due to higher net income from investments and other operating income. This was offset by a decline in net FX income, fee and commission income, and dividend income.

On the other hand, total operating expenses before net impairment charges increased by 2% year-on-year (YoY), on increased salaries and employee-related benefits, as well as depreciation and amortization costs. Other general and administrative expenses (G&A) declined.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Net Income from investments and financial activities	956.66	1,016.09	6.2 %
Operating Income	1,252.76	1,294.05	3.3 %
Debt Provisions	(120.43)	(75.39)	37.4 %
Net Income	510.98	585.90	14.7 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.41	0.47	14.7 %
EPS Diluted (Riyal)	0.41	0.47	15.1 %

Item	Q1 2023	Q2 2023	Change‬
Net Income from investments and financial activities	1,037.44	1,016.09	(2.1 %)
Operating Income	1,335.61	1,294.05	(3.1 %)
Debt Provisions	(128.85)	(75.39)	41.5 %
Net Income	559.90	585.90	4.6 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.45	0.47	4.6 %
EPS Diluted (Riyal)	0.45	0.47	4.7 %

The Q2 2023 net profit rose by 15% to SAR 585.9 million from SAR 510.98 million in Q2 2022, thanks to higher net income from investments and financing.

Sequentially, the net profit grew by 4.6% from SAR 559.9 million in Q1 2023 on lower G&A.

Balance Sheet (B)

Item	6m 2022	6m 2023	Change‬
Assets	121.51	135.40	11.4 %
Customer Deposits	89.11	106.29	19.3 %
Financing Investments	91.21	98.85	8.4 %

Total shareholders’ equity, after minority interest, rose to SAR 14.17 billion as of June 30, 2023, from SAR 12.60 billion a year earlier.

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Share Price

Bank Albilad (ALBILAD)

	Current
Market Cap (M)	45,687.50
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)	17.41
P/E (TTM)	17.41
Price/book	2.83
Return on Average Assets (%) (TTM)	1.8
Return on Average Equity (%) (TTM)	17.1

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Bank Albilad posts 14% profit rise to SAR 1.14 bln in H1 2023; Q2 at SAR 585.9 mln

Financials (M)

Current Quarter Comparison (M)

Balance Sheet (B)

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Share Price

Bank Albilad (ALBILAD)

Financial Ratios

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