Bank Albilad is aiming for 20 percent growth this year, which is expected to be fueled by its retail and corporate lending activities, Reuters has reported, citing chief executive, Khalid Al-Jasser.
Al-Jasser also said he seeks to maintain a double-digit growth rate over the coming years. He also revealed that the Saudi-listed bank is planning to open around 15 new branches this year.
Established in 2004, Albilad was capitalized at SAR
5
billion, and is considered to be the smallest local bank that offers Sharia-compliant banking and investment services in the kingdom.
The lender posted an 18.5 percent rise in 2014 net earnings to SAR 864 million, compared to SAR 729.2 million in 2013, according to data compiled by Argaam. In Q1-2015, the bank’s net earnings inched up by 0.23 percent to SAR 174.1 million, compared to SAR 173.7 million in recorded in the same quarter last year.
The lender is expected to focus mainly on retail and corporate lending over the coming years, capitalizing on economic growth and robust public spending in the kingdom.
Private sector banking credit rose by 11.9 percent in 2014 to SAR 1.204 trillion, compared to SAR 1.076 trillion in 2013, according to data published by the Saudi central bank.
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