Bank Albilad’s net profit rises 30% to SAR 1.258 bln in 9M 2021

20/10/2021 Argaam Exclusive

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Bank Albilad reported a net profit of SAR 1.258 billion for the first nine months of 2021, an increase of 30% from SAR 970.7 million in the same period last year.

The profit growth was driven by a 10% year-on-year (YoY) rise in gross operating income and a 0.3% drop YoY in gross operating expenses. The bank also cited lower net provisions for expected credit losses, along with higher net income from investment and financing activities, net fee and commission income, dividend income, and other operating income.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Net Income from investments and financial activities	2,445.82	2,588.00	5.8 %
Operating Income	3,122.15	3,437.14	10.1 %
Total Provisions	(514.27)	(448.34)	12.8 %
Net Income	970.71	1,258.55	29.7 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.78	1.01	29.7 %

The bank’s net profit for Q3 2021 stood at SAR 449.7 million, up 18% YoY, due to a 6% rise in gross operating income on higher net income from investment and financing activities.

Total operating expenses decreased by 2% YoY, due to lower net impairment charges for expected credit losses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Net Income from investments and financial activities	855.52	886.75	3.7 %
Operating Income	1,112.62	1,174.47	5.6 %
Debt Provisions	(160.29)	(142.50)	11.1 %
Net Income	382.61	449.70	17.5 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.31	0.36	17.5 %

Item	Q2 2021	Q3 2021	Change‬
Net Income from investments and financial activities	842.49	886.75	5.3 %
Operating Income	1,131.04	1,174.47	3.8 %
Debt Provisions	(136.35)	(142.50)	(4.5 %)
Net Income	416.09	449.70	8.1 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.33	0.36	8.1 %

On a sequential basis, net profit rose 8.07% from SAR 416 million.

Total shareholders’ equity, excluding minority interest, increased 14.92% to SAR 11.867 billion in the first nine months of 2021, from SAR 10.326 billion.

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Balance Sheet (B)

Item	9m 2020	9m 2021	Change‬
Assets	92.31	111.61	20.9 %
Customer Deposits	68.88	82.35	19.6 %
Financing Investments	67.76	81.80	20.7 %

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