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 %

Item	Q4 2021	Q1 2022	Change‬
Net Income from investments and financial activities	901.49	944.46	4.8 %
Operating Income	1,146.81	1,264.51	10.3 %
Debt Provisions	(121.33)	(159.53)	(31.5 %)
Net Income	427.99	490.31	14.6 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.34	0.39	14.6 %

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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