Financial Results : Bank Albilad’s net profit grows 24% to SAR 1.001 bln in H1 2022; Q2 jumps 23% to SAR 511 mln

Bank Albilad’s net profit grows 24% to SAR 1.001 bln in H1 2022; Q2 jumps 23% to SAR 511 mln

27/07/2022 Argaam Exclusive

View other reports

Bank Albilad reported a net profit of SAR 1.001 billion for H1 2022, a rise of 24% from SAR 808.8 million in the year-ago period. 



Financials (M)

Item 6m 2021 6m 2022 Change‬
Net Income from investments and financial activities 1,701.25 1,901.12 11.7 %
Operating Income 2,264.02 2,517.27 11.2 %
Total Provisions (305.85) (279.96) 8.5 %
Net Income 808.84 1,001.30 23.8 %
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.65 0.80 23.8 %

The profit rise was driven by an 11% increase year-on-year (YoY) in total operating income, due to higher net income from investment and financing activities, as well as fee and commission income. Albilad also recorded net gains on FVSI investment, dividend income, net exchange income and other operating income. However, net fee and commission income has decreased.

 

On the other hand, total operating expenses increased by 3% YoY, due to higher general and administrative expenses, salaries and employee related benefits, as well as depreciation and amortization.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Net Income from investments and financial activities 842.49 956.66 13.6 %
Operating Income 1,131.04 1,252.76 10.8 %
Debt Provisions (136.35) (120.43) 11.7 %
Net Income 416.09 510.98 22.8 %
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.33 0.41 22.8 %

The second-quarter net profit rose 23% to SAR 511 million from SAR 416 million in Q2 2021, thanks to an 11% rise YoY in total operating income.

 

Compered to Q1 2021, net profit grew by 4.2%, as total operating expenses decreased by 5%.

Balance Sheet (B)

Item 6m 2021 6m 2022 Change‬
Assets 107.65 121.51 12.9 %
Customer Deposits 81.64 89.11 9.1 %
Financing Investments 79.13 91.21 15.3 %

Shareholders’ equity, after minority interest, increased to SAR 12.606 billion as of June 30 2022, compared to SAR 11.416 billion in the year-earlier period.

 

View More Financial Results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.