Logo of Bank Albilad
Bank Albilad posted a 10% rise in Q1 2023 net profit to SAR 1.03 billion from SAR 944.5 million in Q1 2022, driven by higher net income from investments and financing activities, data compiled by Argaam showed.
In addition, other operating income was down 7% to SAR 298.2 million in Q1 2023, from SAR 320.1 million in the year-earlier period.
The bank's credit provisions declined to SAR 128.9 million in Q1 2023, from SAR 159.5 million in Q1 2022.
|
Income Statement (SAR mln) |
||||||
|
Period |
2022 |
2023 |
||||
|
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
||
|
Net Income from Investments and Finance |
944.5 |
956.7 |
1003.4 |
982.2 |
1037.4 |
|
|
Income from Other Operations* |
320.1 |
296.1 |
322.1 |
366.5 |
298.2 |
|
|
Loan Provisions |
(159.5) |
(120.4) |
(132.1) |
(138.6) |
(128.9) |
|
|
Zakat |
(56.3) |
(58.7) |
(62.1) |
(62.0) |
(64.3) |
|
|
Net Profit |
490.3 |
511.0 |
540.6 |
539.7 |
559.9 |
|
Segment-wise, operating income from the corporate, investment & brokerage and treasury segments rose by 58%, 32% and 1% YoY, respectively.
Meanwhile, operating income from the retail segment fell by 19% YoY in Q1 2023.
|
Gross Operating Income (SAR mln) |
|||||
|
Period |
Retail |
Corporate |
Treasury |
Investment & Brokerage |
Total |
|
2022 |
|||||
|
Q1 |
750.3 |
257.9 |
189.8 |
66.5 |
1264.5 |
|
Q2 |
719.7 |
303.3 |
180.4 |
49.3 |
1252.8 |
|
Q3 |
760.6 |
355.0 |
162.9 |
47.0 |
1325.5 |
|
Q4 |
537.4 |
498.1 |
208.7 |
104.5 |
1348.7 |
|
2023 |
|||||
|
Q1 |
610.5 |
407.3 |
250.4 |
67.3 |
1335.6 |
The provisions decline was due to a reversal of provision by SAR 41.7 million in the retail segment during the first quarter of 2023, compared to a provision of SAR 33.8 million a year before. The treasury segment also reversed a provision by SAR 18.5 million in Q1 2023.
On the other hand, the corporate segment recorded a SAR 188.8 million provision, a rise of 66% YoY.
|
Finance Provisions (SAR mln) |
|||
|
Period |
Corporate |
Retail |
Treasury |
|
2022 |
|||
|
Q1 |
113.9 |
33.8 |
11.3 |
|
Q2 |
60.2 |
53.4 |
6.8 |
|
Q3 |
92.8 |
29.2 |
9.6 |
|
Q4 |
60.6 |
77.9 |
(1.5) |
|
2023 |
|||
|
Q1 |
188.8 |
(41.7) |
(18.5) |
Profit of the corporate segment increased to SAR 132.6 million in Q1 2023, compared to SAR 89.2 million in Q1 2022. The treasury segment's profit also leapt by 54% to SAR 240.4 million a year ago.
Meanwhile, profit of the retail segment fell by 19% to SAR 216.4 million in Q1 2023, from SAR 266.6 million in Q1 2022. Profit of the investment & brokerage segment was unchanged at SAR 39.9 million
|
Net Profit by Segment (SAR mln) |
|||||||
|
Period |
Retail |
Corporate |
Treasury |
Investment & Brokerage |
Total |
||
|
2022 |
|||||||
|
Q1 |
266.6 |
89.2 |
156.1 |
34.8 |
546.6 |
||
|
Q2 |
234.0 |
164.5 |
151.8 |
19.2 |
569.7 |
||
|
Q3 |
312.4 |
137.6 |
136.2 |
16.5 |
602.7 |
||
|
Q4 |
(78.8) |
439.4 |
180.2 |
60.9 |
601.7 |
||
|
2023 |
|||||||
|
Q1 |
216.4 |
132.6 |
240.4 |
34.9 |
624.2 |
||
The percentage of non-performing loans (NPLs) coverage declined by 77% YoY in Q1 2023 to 203%, as credit provisions rose by a smaller percentage than NPLs.
|
NPLs & Coverage Ratio (SAR mln) |
|||
|
Period |
Q1 2022 |
Q1 2023 |
Change |
|
NPLs |
993.8 |
1406.2 |
+42% |
|
NPLs Ratio |
1.1% |
1.4% |
+0.3% |
|
Credit Loss Provision |
2785.8 |
2858.6 |
(3%) |
|
NPLs Coverage Ratio |
280% |
203% |
(77%) |
The bank posted net current assets of SAR 3.1 billion in Q1 2023, against negative assets of SAR 3.7 billion in Q1 2022.
|
Current Assets (SAR bln) |
|||
|
Period |
Q1 2022 |
Q1 2023 |
Change |
|
Current Assets |
4.9 |
8.9 |
+79% |
|
Current Liabilities |
8.6 |
5.7 |
(33%) |
|
Net Current Assets |
(3.7) |
3.1 |
+185% |
|
Total Assets |
116.4 |
135.4 |
+16% |
|
Net Current Assets/Total Assets (SAR bln) |
(3.2%) |
2.4% |
+5.6% |
Customer deposits rose by 23% to SAR 105.5 billion by the end of Q1 2023, from SAR 86.1 billion in the year-ago period. Finance activities also grew by 11% YoY to SAR 95.5 billion. Accordingly, the loan-to-deposit ratio stood at 91%.
|
Balance Sheet (SAR bln) |
|||
|
Period |
Q1 2022 |
Q1 2023 |
Change |
|
Assets |
116.4 |
135.4 |
+16% |
|
Customer Deposits |
86.1 |
105.5 |
+23% |
|
Finance Investments |
86.4 |
95.5 |
+11% |
|
Loan-to-Deposit Ratio |
100% |
91% |
(9%) |
Term deposits rose to SAR 58.9 billion in Q1 2023, dominating 56% of total deposits, compared to SAR 36.7 billion, or 43% of total deposits, in Q1 2022.
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