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

26/10/2023 Argaam Exclusive

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 %

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
37.40
(0.25) (0.66 %)

Bank Albilad (ALBILAD)

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Financial Ratios
Current
Market Cap (M) 46,750.00
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) 17.82
P/E (TTM) 17.82
Price/book 2.90
Return on Average Assets (%) (TTM) 1.8
Return on Average Equity (%) (TTM) 17.1
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