Bank Albilad’s profits jump 17% to 450 million riyals in the third quarter

Bank Albilad’s preliminary financial results showed an increase in its net profit of 17.5% in the third quarter of 2021, to 449.7 million riyals after zakat and taxes, compared to 382.6 million riyals in the same quarter of. 2020.

On a quarterly basis, Bank Albilad’s net profit increased by 8.07%, compared to 416.1 million riyals, earnings for the second quarter of 2021.

The bank said in a statement in “Tadawul Saudi Arabia” today, Wednesday, that the increase in net profit in the third quarter of 2021, on an annual basis, is due to an increase in total operating income of 6%, as a result of the increase in revenues net from investing and financing activities and net income from investments and dividends, net income from commissions, fees and income from other transactions, offset by a decrease in foreign exchange income.

On the other hand, he added, total operating costs decreased by 2%, due to the decrease in the net provision for expected credit losses, write-downs and depreciation, offset by an increase in salaries and the like and other general expenses and administrative expenses.

During the first nine months of 2021, Bank Albilad’s net profit, after zakat and taxes, increased by 29.6% to 1.258 billion riyals, compared to 970.7 million riyals, profits for the same period of the year. last.

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