Financial Results : Bank Albilad 2022 profit jumps 23% to SAR 2.08 bln, Q4 at SAR 539.8 mln

Bank Albilad 2022 profit jumps 23% to SAR 2.08 bln, Q4 at SAR 539.8 mln

02/02/2023 Argaam Exclusive

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Bank Albilad reported a net profit of SAR 2.08 billion for 2022, a rise of 23% compared to SAR 1.68 billion in 2021.



Financials (M)

Item 2021 2022 Change‬
Net Income from investments and financial activities 3,489.49 3,886.67 11.4 %
Operating Income 4,583.95 5,191.43 13.3 %
Total Provisions (569.67) (550.65) 3.3 %
Net Income 1,686.54 2,081.69 23.4 %
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 1.35 1.67 23.4 %

The bank attributed the profit growth to a 13% year-on-year (YoY) increase in total operating income. This was due to higher net income from investing and financing activities, other operating income, net exchange income, net gains on FVSI investment and dividend income. 

 

On the other hand, total operating expenses jumped by 6% YoY, on higher other general and administrative (G&A) expenses, salaries and employee-related benefits, as well as depreciation and amortization.

 

Net impairment charges for expected credit losses decreased.

 

The fourth-quarter net profit climbed 26% to SAR 539.76 million, from SAR 427.99 million.

 

Compared to Q3 2022, net profit edged down 0.2% from SAR 540.65.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Net Income from investments and financial activities 901.49 982.17 8.9 %
Operating Income 1,146.81 1,348.67 17.6 %
Debt Provisions (121.33) (138.63) (14.3 %)
Net Income 427.99 539.75 26.1 %
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.34 0.43 26.1 %

Balance Sheet (B)

Item 2021 2022 Change‬
Assets 110.85 129.54 16.9 %
Customer Deposits 81.11 94.84 16.9 %
Financing Investments 82.93 91.18 9.9 %

Shareholders’ equity, no minority interest (after excluding Sukuk), reached SAR 13.39 billion as of Dec. 31, 2022, compared to SAR 11.98 billion a year earlier.

 

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