Bank Albilad profits increase to SR540.6 mln during Q3, by 20%

Bank Albilad announced on Tuesday an increase in net profit during the third quarter to SR540.6 million, compared to SR449.7 million in the same quarter of last year, at a rate of 20.2%.

This came after the announcement on Tuesday of the preliminary financial results for the period ending 30-09-2022 (nine months).

Gross operating profit in the third quarter amounted to SR1.32 billion, compared to SR1.17 billion in the same quarter of the previous year, an increase of 12.8%.

The bank’s net profit during the 9-month period amounted to SR1.54 billion, compared to SR1.25 million in the same period of the previous year, a growth of 22.5%.

The gross equity “after excluding non-controlling interests” amounted to SR13 billion in the current period, compared to SR11.8 billion in the same period last year, an increase of 9.8%.

Profits per share in the current period reached SR1.55, compared to SR1.26 in the same period last year.

The reason for the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:

Net income has increased due to the increase in total operating income by 13%, which is mainly due to the increase in net income from investing and financing assets, other operating income, net exchange income and net gains on FVSI investment. However, net fee and commission income and dividend income has decreased.

Gross operating expenses before the net impairment charge have increased by 11%, due to the increase in other general and administrative expenses, salaries and employee-related benefits and depreciation & amortization.

The reason for the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is

Net income has increased due to the increase in total operating income by 6%, which is mainly due to the increase in other operating income, net income from investing and financing assets, net exchange income and net gains on FVSI investment. However, dividend income and net fee and commission income have decreased

Gross operational expenses before net impairment charge have increased by 5%, due to the increase in other general and administrative expenses, salaries and employee-related benefits and depreciation & amortization.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is:

Net income has increased due to the increase in total operating income by 12%, which is mainly due to the increase in net income from investing and financing activities, other operating income, net exchange income, net gains on FVSI investment and dividend income. However, net fee and commission income has decreased.

Gross operational expenses before net impairment charge have increased by 8%, due to the increase in other general and administrative expenses, salaries and employee-related benefits and depreciation & amortization.

Profits per share is calculated by dividing the net income after zakat for the period ended 30 September 2022 and 30 September 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.