Bank Albilad’s Q1 earnings up 15% to SAR 643.1M

29/04/2024 Argaam Exclusive

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Bank Albilad reported a net profit of SAR 643.1 million in Q1 2024, up 15% from SAR 559.9 million in the prior year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Net Income from investments and financial activities	1,037.44	1,044.73	0.7 %
Operating Income	1,335.61	1,341.35	0.4 %
Debt Provisions	(128.85)	(51.55)	60.0 %
Net Income	559.90	643.05	14.9 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.45	0.51	14.9 %
EPS Diluted (Riyal)	0.45	0.52	14.9 %

Item	Q4 2023	Q1 2024	Change‬
Net Income from investments and financial activities	1,004.32	1,044.73	4.0 %
Operating Income	1,337.30	1,341.35	0.3 %
Debt Provisions	(47.01)	(51.55)	(9.6 %)
Net Income	606.97	643.05	5.9 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.49	0.51	5.9 %
EPS Diluted (Riyal)	0.49	0.52	5.9 %

Net income from investment and financing assets increased by 1%, on a 21% increase in the income from investment and financing assets, offset by a 54% rise in return on deposits and financial liabilities.

Bank Albilad also cited higher gross operating income, on increased dividend income, 2% lower total operating expenses before net impairment charge on lower general & administrative expenses and depreciation & amortization. However, salaries and employee related benefits increased.

Balance Sheet (B)

Item	3m 2023	3m 2024	Change‬
Assets	135.37	143.70	6.2 %
Customer Deposits	105.48	113.74	7.8 %
Financing Investments	95.48	103.31	8.2 %

On a sequential basis, the net earnings grew 6% from SAR 606.9 million.

Total shareholders’ equity, no minority interest, stood at SAR 15.7 billion by March 31, 2024, compared to SAR 14.08 billion in the year earlier period.

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