Bank Albilad’s H1 2024 profit up 15% to SAR 1.31B; Q2 at SAR 670.8M

Bank Albilad reported a net profit of SAR 1.31 billion in the first half of 2024, a leap of 15% from SAR 1.14 billion in the prior year period.

The first-half net profit was driven by a rise of 4% year-on-year (YoY) in net income from investment and financing assets, on an 18% increase in the income from investment and financing assets, against a 37% rise in return on deposits and financial liabilities.

The bank also cited better income from dividends and other operations. However, this was offset by lower gains from foreign exchange (FX) income, as well as net fee and commission income.

Net impairment charge for expected credit losses decreased by 35% YoY, mainly due to a decrease in net impairment charge for expected credit losses on financing due to better quality and composition of the portfolio.

On the other hand, total operating expenses have decreased by 5% YoY due to a decline in net impairment charge for expected credit losses, other general and administrative expenses, as well as depreciation and amortization. However, salaries and employee-related benefits have increased.

In Q2 2024, the bank’s net profit jumped 15% to SAR 670.8 million from SAR 585.9 million in Q2 2023 as net income from investment and financing assets grew by 7% YoY, on a 7% rise in the income from investment and financing assets, against a 24% leap in return on deposits and financial liabilities.

Net earnings grew 4.3% from SAR 643 million in Q1 2024.

Shareholders’ equity, after minority interest, reached SAR 15.80 billion by June 30, 2024, compared to SAR 14.17 billion in the prior-year period.

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