Financial Results : Bank Albilad posts 25% rise in Q1 2022 net profit to SAR 490.3 mln

Bank Albilad posts 25% rise in Q1 2022 net profit to SAR 490.3 mln

20/04/2022 Argaam Exclusive

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Bank Albilad reported a net profit of SAR 490.3 million for Q1 2022, a rise of 25% from SAR 392.8 million in the year-ago period. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Net Income from investments and financial activities 858.76 944.46 10.0 %
Operating Income 1,132.99 1,264.51 11.6 %
Debt Provisions (169.50) (159.53) 5.9 %
Net Income 392.75 490.31 24.8 %
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.31 0.39 24.8 %

The profit growth was attributed to a rise of 12% year-on-year (YoY) in operating income, on the back of higher net income from investment and financing activities, ,net gains on financial instruments at fair value through income statement (FVIS), net exchange income, net other operating income and dividend income . On the other hand, fee and commission income decreased.

 

On a sequential basis, net profit jumped 14.6% from SAR 428 million, thanks to a 10% YoY increase in operating income.

Balance Sheet (B)

Item 3m 2021 3m 2022 Change‬
Assets 102.52 116.44 13.6 %
Customer Deposits 76.96 86.08 11.9 %
Financing Investments 75.53 86.39 14.4 %

Shareholders’ equity, after minority interest, rose 13.7% to SAR 12.325 billion in Q1 2022, from SAR 10.838 billion in the year-earlier period.

 

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