Bank Albilad’s profit up 18% to SAR 2.8B in 2024; Q4 at SAR 789.9M

Bank Albilad reported a net profit of SAR 2.8 billion for 2024, an increase of 18% from SAR 2.36 billion in the previous year.

The increase in net profit was driven by an 8% rise in net income from investing and financing assets, even though the return on deposits and financial liabilities increased by 20%.

Total operating income grew by 7% due to the increase in net income from investing and financing assets, net fee and commission income, other operating income and dividend income. However, net gain on FVSI instruments and net exchange income decreased.

Net impairment charge for expected credit losses decreased by 60%, as a result of improvement in the quality of financing portfolio.

Total operating expenses decreased by 4%. However, salaries and employee-related benefits increased.

Q4 2024 net earnings rose 30% to SAR 789.9 million, from SAR 606.97 million in the year-earlier period.

On a sequential basis, Q4 net profit grew by 12.4% from SAR 702.69 million.

Total shareholders’ equity, no minority interest, stood at SAR 16.69 billion by Dec. 31, 2024, compared to SAR 15.25 billion in the prior-year period.

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