Bank Albilad 2021 profit rises 25% to SAR 1.686 bln; Q4 earnings at SAR 428 mln

03/02/2022 Argaam Exclusive

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Bank Albilad reported a net profit after Zakat and tax of SAR 1.686 billion for 2021, a rise of 25% from SAR 1.348 billion in the year-ago period.

Financials (M)

Item	2020	2021	Change‬
Net Income from investments and financial activities	3,292.63	3,489.49	6.0 %
Operating Income	4,262.05	4,583.95	7.6 %
Total Provisions	(694.51)	(569.67)	18.0 %
Net Income	1,348.52	1,686.54	25.1 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	1.08	1.35	25.1 %

The profit surged on higher net income from investment and financing activities, fee and commission income, dividend income and other operating income. However, exchange income decreased.

Bank Albilad managed to cut its operating expenses by 2%, due to the decrease in net impairment charge for expected credit losses. However, other general and administrative expenses, depreciation and amortization, and salaries and employee related benefits increased.

In Q4 2021, the bank reported a net profit of SAR 427.96 million, an increase of 13% year-on-year (YoY).

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Net Income from investments and financial activities	846.81	901.49	6.5 %
Operating Income	1,139.90	1,146.81	0.6 %
Debt Provisions	(180.25)	(121.33)	32.7 %
Net Income	377.81	427.99	13.3 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.30	0.34	13.3 %

Item	Q3 2021	Q4 2021	Change‬
Net Income from investments and financial activities	886.75	901.49	1.7 %
Operating Income	1,174.47	1,146.81	(2.4 %)
Debt Provisions	(142.50)	(121.33)	14.9 %
Net Income	449.70	427.99	(4.8 %)
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.36	0.34	(4.8 %)

On a sequential basis, net profit declined 4.8% from SAR 449.70 million in Q3 2021.

Balance Sheet (B)

Item	2020	2021	Change‬
Assets	95.75	110.85	15.8 %
Customer Deposits	71.55	81.11	13.4 %
Financing Investments	70.11	82.93	18.3 %

Total shareholders’ equity, excluding minority interests, grew by 11.5% to SAR 11.98 billion as of Dec. 31, 2021, from SAR 10.74 billion a year earlier.

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