Bank Albilad reports SAR 2.36B profit in 2023; Q4 at SAR 607M

05/02/2024 Argaam Exclusive

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Bank Albilad reported a net profit of SAR 2.36 billion for the 12 months ended Dec. 31, 2023, an increase of 14% compared to SAR 2.08 billion for the year-earlier period.

Financials (M)

Item	2022	2023	Change‬
Net Income from investments and financial activities	3,886.67	4,109.84	5.7 %
Operating Income	5,191.43	5,302.79	2.1 %
Total Provisions	(550.65)	(323.83)	41.2 %
Net Income	2,081.69	2,368.94	13.8 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	1.67	1.90	13.8 %
EPS Diluted (Riyals)	1.67	1.91	14.2 %

The bank’s total operating income rose 2%, mainly backed by higher net income from investing and financing assets, net gain on FVSI instruments and dividend income. However, other operating income, net exchange income and net fee and commission income decreased.

Other general and administrative expenses decreased and net impairment charge for expected credit losses declined by 41% year-on-year (YoY).

Meanwhile, total operating expenses before net impairment charge increased by 1% YoY.

Q4 2023 net earnings rose 13% to SAR 607 million, from SAR 539.75 million in the year-earlier period.

On a sequential basis, Q4 net profit declined by 1.5%.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Net Income from investments and financial activities	982.17	1,004.32	2.3 %
Operating Income	1,348.67	1,337.30	(0.8 %)
Debt Provisions	(138.63)	(47.01)	66.1 %
Net Income	539.75	606.97	12.5 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.43	0.49	12.5 %
EPS Diluted (Riyal)	0.43	0.49	13.7 %

Item	Q3 2023	Q4 2023	Change‬
Net Income from investments and financial activities	1,051.99	1,004.32	(4.5 %)
Operating Income	1,335.84	1,337.30	0.1 %
Debt Provisions	(72.58)	(47.01)	35.2 %
Net Income	616.17	606.97	(1.5 %)
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.49	0.49	(1.5 %)
EPS Diluted (Riyal)	0.50	0.49	(1.4 %)

Balance Sheet (B)

Item	2022	2023	Change‬
Assets	129.54	143.11	10.5 %
Customer Deposits	94.84	112.83	19.0 %
Financing Investments	91.18	102.08	12.0 %

Total shareholders’ equity, no minority interest, stood at SAR 15.25 billion by Dec. 31, 2023, compared to SAR 13.39 billion in the prior-year period.

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