Bank Albilad’s 9M 2024 profit rises 14% to SAR 2B; Q3 at SAR 702.7M

23/10/2024 Argaam Exclusive

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Bank Albilad reported a net profit of SAR 2.01 billion in the first nine months of 2024, a jump of 14% from SAR 1.76 billion in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Net Income from investments and financial activities	3,105.52	3,289.30	5.9 %
Operating Income	3,965.49	4,195.40	5.8 %
Total Provisions	(276.82)	(187.40)	32.3 %
Net Income	1,761.97	2,016.60	14.5 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	1.41	1.61	14.5 %
EPS Diluted (Riyals)	1.42	1.62	14.5 %

Bank Albilad’s operating income increased by 6% due to higher net income from investment and financing assets, other operating income, dividends, and net fees and commissions. This was offset by lower gains from foreign exchange (FX) income and investments.

Net income from investment and financing assets witnessed a 6% rise on higher income from investment and financing assets 16%, offset by a 28% increase in the return on deposits and financial liabilities.

In addition, the net impairment charge for expected credit losses decreased by 32% and total operating expenses retreated 3%. However, salaries and employee-related benefits increased.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Net Income from investments and financial activities	1,051.99	1,159.80	10.2 %
Operating Income	1,335.84	1,446.30	8.3 %
Debt Provisions	(72.58)	(53.70)	26.0 %
Net Income	616.17	702.70	14.0 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.49	0.56	14.0 %
EPS Diluted (Riyal)	0.49	0.56	13.1 %

Item	Q2 2024	Q3 2024	Change‬
Net Income from investments and financial activities	1,084.77	1,159.80	6.9 %
Operating Income	1,407.74	1,446.30	2.7 %
Debt Provisions	(82.18)	(53.70)	34.7 %
Net Income	670.85	702.70	4.7 %
Average Shares	1,250.00	1,250.00	-
EPS (Riyals)	0.54	0.56	4.7 %
EPS Diluted (Riyal)	0.54	0.56	3.3 %

In Q3 2024, the bank’s net profit rose 14% to SAR 702.7 million from SAR 616.17 million in Q3 2023.

Net earnings grew 4.7% from SAR 670.85 million in Q2 2024.

Balance Sheet (B)

Item	9m 2023	9m 2024	Change‬
Assets	137.57	153.72	11.7 %
Customer Deposits	108.92	122.34	12.3 %
Financing Investments	101.60	106.70	5.0 %

Shareholders’ equity, no minority interest, reached SAR 16.13 billion by Sept. 30, 2024, compared to SAR 14.61 billion in the prior year period.

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