Bank Albilad 2020 net profit up 8% to SAR 1.348 bln

07/02/2021 Argaam Exclusive

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Bank Albilad reported a net profit of SAR 1.348 billion for 2020, up 8%, compared to SAR 1.243 billion in the previous year.

Financials (M)

Item	2019	2020	Change‬
Net Income from investments and financial activities	2,823.76	3,292.63	16.6 %
Operating Income	3,945.35	4,262.05	8.0 %
Total Provisions	(543.09)	(694.51)	(27.9 %)
Net Income	1,243.74	1,348.52	8.4 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.99	1.08	8.4 %

The profit rise was driven by an 8% increase in operating income, due to higher net income from investment, financing activities and net exchange income.

However, loss/gain from investments, fee and commission income, other operating income, and dividend income decreased.

Total operating expenses increased by 8%, due to higher net impairment charge for expected credit losses, other general and administrative expenses, salaries and employee-related benefits, and depreciation & amortization.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Net Income from investments and financial activities	771.12	846.81	9.8 %
Operating Income	1,041.04	1,139.90	9.5 %
Debt Provisions	(139.70)	(180.25)	(29.0 %)
Net Income	327.15	377.81	15.5 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.26	0.30	15.5 %

Item	Q3 2020	Q4 2020	Change‬
Net Income from investments and financial activities	855.52	846.81	(1.0 %)
Operating Income	1,112.62	1,139.90	2.5 %
Debt Provisions	(160.29)	(180.25)	(12.5 %)
Net Income	382.61	377.81	(1.3 %)
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.31	0.30	(1.3 %)

In Q4 2020, the bank reported a net profit of SAR 377.8 million, an increase of 16% year-on-year (YoY).

Balance Sheet (B)

Item	2019	2020	Change‬
Assets	86.00	95.75	11.3 %
Customer Deposits	67.11	71.55	6.6 %
Financing Investments	59.29	70.11	18.2 %

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