Bank Albilad profits increase to SAR 586 million during Q2 by 15%

Bank Albilad net profit after zakat and tax increased to SAR 586 million during the second quarter, compared to SAR 511 million in the same quarter last year, by 15%. This came after Monday’s announcement of the interim financial results for the period ending on June 30, 2023 (6 months).

The total operating profit amounted to SAR 1.29 billion in the second quarter, compared to SAR 1.25 billion in the same quarter of the previous year, an increase of 3%.

As for the net income from special commissions / financing and investments, it amounted to SAR 1.01 billion, in the second quarter, compared to SAR 957 million in the same quarter of the previous year, an increase of 6%.

The net profit amounted to SAR 1.14 billion in the current period compared to SAR one billion in the same quarter of the previous year, an increase of 14.4%.

Earnings per share in the current period amounted to SAR 1.15, compared to SAR 1.01 in the same period last year.

Net income has increased due to the increase in total operating income by 3%, which is mainly due to the increase in net income from investing and financing assets, net gain on FVSI instruments, other operating income and net fee and commission income. However, net exchange income and dividend income has decreased.

Total operating expenses before net impairment charge have increased by 0.5%, due to the increase in salaries and employee related benefits and depreciation & amortization. However, other general and administrative expenses have decreased.

Net income has increased due to the decrease in total operating expense before net imparement charge by 3%, which is mainly due to the decrease in other general and administrative expenses and depreciation & amortization. However, salaries and employee related benefits has increased. Also, there is a decrease in net imparement charge.

Net fee and commission income and dividend income has increased. However, net income from investing and financing assets, net gains on FVSI investment, net exchange income and other operating income has decreased.

Net income has increased due to the increase in total operating income by 4%, which is mainly due to the increase in net income from investing and financing assets, net gain on FVSI instruments and other operating income. However, net exchange income, net fee and commission income and dividend income has decreased.

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