Financial Results : Bank Albilad’s Q1 2020 net profit falls 5% to SAR 270 mln

Bank Albilad’s Q1 2020 net profit falls 5% to SAR 270 mln

14/05/2020 Argaam Exclusive

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Bank Albilad reported a 5% decline year-on-year (YoY) in net profit to SAR 270 million for Q1 2020, as compared to SAR 284.9 million for the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Net Income from investments and financial activities 597.09 769.08 28.8 %
Operating Income 921.41 1,004.15 9.0 %
Debt Provisions (124.83) (208.05) (66.7 %)
Net Income 284.89 270.04 (5.2 %)
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.23 0.22 (5.2 %)

The profit drop was driven by a 16% increase in total operating expenses due to rise in impairment charge for credit and other financial assets, staff expenses, general and administrative expenses, depreciation and amortization.

 

When compared to previous quarter, net profit fell 17% as total operating income declined by 4% despite an increase in fee and commission income, other operating income and net exchange income.

Balance Sheet (B)

Item 3m 2019 3m 2020 Change‬
Assets 72.90 88.40 21.3 %
Customer Deposits 57.59 68.38 18.7 %
Financing Investments 51.40 62.46 21.5 %

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