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

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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 %

Item	Q1 2022	Q2 2022	Change‬
Net Income from investments and financial activities	944.46	956.66	1.3 %
Operating Income	1,264.51	1,252.76	(0.9 %)
Debt Provisions	(159.53)	(120.43)	24.5 %
Net Income	490.31	510.98	4.2 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.39	0.41	4.2 %
EPS Diluted (Riyal)	0.39	0.41	5.1 %

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.

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