Bank Albilad reports profit surge of 23% to SR511 mln

Bank Albilad announced that its profits after zakat and tax rose 23% to SR 511 million in the second quarter of 2022 compared to SR 416 million during the same period of 2021.

This came after Bank Albilad announcement on Wednesday of the preliminary financial results for the period ending on 30.06.2022 (six months).

The bank’s operational profits rose 11% to SR 1.25 billion in the 2nd quarter of the current year from SR 1.13 billion in the same period of the previous year.

Gross Profits of Bank Albilad surged 24% to SR 1001.3 million in the second quarter of this year from SR 809 million a year ago, while the profit per share soared to SR 1.01 from SR 0.81.

Net income has increased due to the increase in total operating income by 11%, due to the increase in net income from investing and financing assets, dividend income, net exchange income and other operating income. However, net fee and commission income and net gains on FVSI investment has decreased.

Total operating expenses have increased by 2%, due to the increase in other general and administrative expenses, salaries and employee related benefits and depreciation & amortization . However, net impairment charge for expected credit losses has decreased.

Net income has increased although total operating income has decreased by 1%, which is mainly due to decrease in net gains on FVSI investment, net fee and commission income and other operating income. However, dividend income, net income from investing and financing assets and net exchange income have increased.

Total operating expenses have decreased by 5% due to decrease in net impairment charge for expected credit losses and other general and administrative expenses. However, salaries and employee related benefits and depreciation & amortization have increased.

Net income has increased due to the increase in total operating income by 11%, which is mainly due to the increase in net income from investing and financing activities, net gains on FVSI investment, dividend income, net exchange income and other operating income. However, net fee and commission income has decreased.

Total operating expenses have increased by 3%, due to the increase in other general and administrative expenses, salaries and employee related benefits and depreciation & amortization. However, net impairment charge for expected credit losses has decreased.

Additional Information:

Net impairment charge for expected credit losses for the three months period ended 30 June 2022 is SAR 120 million, as compared to SAR 136 million in corresponding period of last year with a decrease by 12%.

Net impairment charge for expected credit losses for the three months period ended 30 June 2022 is SAR 120 million, as compared to SAR 159 million in the previous quarter ended 31 March 2022 with a decrease by 25%.

Net impairment charge for expected credit losses for the six months period ended 30 June 2022 is SAR 280 million, as compared to SAR 306 million in the corresponding period of last year with a decrease by 8%.

Earnings per share is calculated by dividing the net income after zakat for the period ended 30 June 2022 and 30 June 2021 by the weighted average outstanding number of shares adjusted for treasury shares, which is 996 million shares, to give a retroactive effect of change in the number of shares increased as a result of the bonus shares issued.