Bank Albilad posts 14% profit rise to SAR 1.14 bln in H1 2023; Q2 at SAR 585.9 mln

24/07/2023 Argaam Exclusive

View other reports

Bank Albilad reported a 14% leap in H1 2023 net profit to SAR 1.14 billion from SAR 1 billion in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Net Income from investments and financial activities	1,901.12	2,053.53	8.0 %
Operating Income	2,517.27	2,629.65	4.5 %
Total Provisions	(279.96)	(204.24)	27.0 %
Net Income	1,001.30	1,145.80	14.4 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.80	0.92	14.4 %
EPS Diluted (Riyals)	0.80	0.92	15.4 %

The profit growth was buoyed by better operating income, due to higher net income from investments and other operating income. This was offset by a decline in net FX income, fee and commission income, and dividend income.

On the other hand, total operating expenses before net impairment charges increased by 2% year-on-year (YoY), on increased salaries and employee-related benefits, as well as depreciation and amortization costs. Other general and administrative expenses (G&A) declined.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Net Income from investments and financial activities	956.66	1,016.09	6.2 %
Operating Income	1,252.76	1,294.05	3.3 %
Debt Provisions	(120.43)	(75.39)	37.4 %
Net Income	510.98	585.90	14.7 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.41	0.47	14.7 %
EPS Diluted (Riyal)	0.41	0.47	15.1 %

Item	Q1 2023	Q2 2023	Change‬
Net Income from investments and financial activities	1,037.44	1,016.09	(2.1 %)
Operating Income	1,335.61	1,294.05	(3.1 %)
Debt Provisions	(128.85)	(75.39)	41.5 %
Net Income	559.90	585.90	4.6 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.45	0.47	4.6 %
EPS Diluted (Riyal)	0.45	0.47	4.7 %

The Q2 2023 net profit rose by 15% to SAR 585.9 million from SAR 510.98 million in Q2 2022, thanks to higher net income from investments and financing.

Sequentially, the net profit grew by 4.6% from SAR 559.9 million in Q1 2023 on lower G&A.

Balance Sheet (B)

Item	6m 2022	6m 2023	Change‬
Assets	121.51	135.40	11.4 %
Customer Deposits	89.11	106.29	19.3 %
Financing Investments	91.21	98.85	8.4 %

Total shareholders’ equity, after minority interest, rose to SAR 14.17 billion as of June 30, 2023, from SAR 12.60 billion a year earlier.

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.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

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.

×