Bank Albilad 9M 2020 net profit rises 6% to SAR 970.7 mln

22/10/2020 Argaam Exclusive

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Bank Albilad reported a net profit of SAR 970.7 million for the first nine months of 2020, an increase of 6%, compared to SAR 916.6 million in the year-earlier period.

The bank attributed the higher earnings to a 7% rise in total operating income due to higher net income from investment, financing activities and net exchange income. However, fee and commission, as well as other operating and dividend income decreased.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Net Income from investments and financial activities	2,052.64	2,445.82	19.2 %
Operating Income	2,904.30	3,122.15	7.5 %
Total Provisions	(403.40)	(514.27)	(27.5 %)
Net Income	916.59	970.71	5.9 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.73	0.78	5.9 %

The lender's Q3 2020 net profit rose 17% year-on-year (YoY) to SAR 382.6 million as a result of a 9% rise in total operating income.

On a sequential basis, Q3 2020 net profit surged 20.3% on the back of an 11% rise in total operating income.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Net Income from investments and financial activities	728.59	855.52	17.4 %
Operating Income	1,023.65	1,112.62	8.7 %
Debt Provisions	(140.75)	(160.29)	(13.9 %)
Net Income	326.63	382.61	17.1 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.26	0.31	17.1 %

Item	Q2 2020	Q3 2020	Change‬
Net Income from investments and financial activities	821.22	855.52	4.2 %
Operating Income	999.51	1,112.62	11.3 %
Debt Provisions	(145.92)	(160.29)	(9.8 %)
Net Income	318.06	382.61	20.3 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.25	0.31	20.3 %

Balance Sheet (B)

Item	9m 2019	9m 2020	Change‬
Assets	81.16	92.31	13.7 %
Customer Deposits	64.06	68.88	7.5 %
Financing Investments	56.40	67.76	20.1 %

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