Bank Albilad’s quarterly earnings grow 5.9% to 416 million riyals

Today, Sunday, Bank Albilad announced preliminary financial results for the second quarter of questyear, achieving net profit growth of 30.8%.

The bank said in a statement to the Saudi stock exchange “Tadawul” that profits during that period amounted to 416.1 million riyals, up from 318.1 million riyals in the second quarter of last year.

Revenues amounted to 910.7 million riyals in the second quarter of questyear, compared to 908 in the corresponding period of 2020, with a slight growth of 0.3%.

The bank said net profit increased as a result of an increase in total operating income of 13%, as a result of the increase in net income from fees and commissions, net investment income, net income from investing and financing activities , other operating activities, income and dividends, offset by a decrease in foreign exchange gains.

Overall operating expenses, on the other hand, increased by 3%, due to the increase in other general and administrative expenses, depreciation, salaries and the like, offset by a decrease in the net provision for expected credit losses.

In the first half of quest’year, net profit was 808.8 million riyals, compared with 588.1 million riyals in the same period last year, with a growth rate of 37.5%.

The net provision for expected credit losses for the quarter ended June 30, 2021 was approximately 136 million riyals, compared to 146 million Saudi riyals in the same period last year, in decrease of 7%, and compared to 170 million Saudi Riyals for the last quarter ended March 31, 2021. This is a decrease of 20%.

The net provision for expected credit losses for the half year ended June 30, 2021 was approximately 306 million Saudi riyals, compared to 354 million Saudi riyals in the same period last year, down 14%.

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