Bank Albilad 9M 2023 profit up 14% to SAR 1.76 bln; Q3 at SAR 616.2 mln

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.

Financials (M)

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	15.4 %

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.

Current Quarter Comparison (M)

Compared With The

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	0.50	15.3 %

Item	Q2 2023	Q3 2023	Change‬
Net Income from investments and financial activities	1,016.09	1,051.99	3.5 %
Operating Income	1,294.05	1,335.84	3.2 %
Debt Provisions	(75.39)	(72.58)	3.7 %
Net Income	585.90	616.17	5.2 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.47	0.49	5.2 %
EPS Diluted (Riyal)	0.47	0.50	5.1 %

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.

Balance Sheet (B)

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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Share Price

Bank Albilad (ALBILAD)

	Current
Market Cap (M)	44,937.50
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)	17.13
P/E (TTM)	17.13
Price/book	2.79
Return on Average Assets (%) (TTM)	1.8
Return on Average Equity (%) (TTM)	17.1

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Bank Albilad 9M 2023 profit up 14% to SAR 1.76 bln; Q3 at SAR 616.2 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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