Albilad Bank announced on Wednesday a 14% increase in net profit for the third quarter of 2024, reaching SAR 702.7 million, compared to SAR 616.2 million in the same period last year. The bank revealed these results as part of its estimated financial report for the nine-month period ending September 30, 2024.
Total operating profit rose 8.2% to SAR 1.44 billion in Q3 2024, up from SAR 1.33 billion in Q3 2023. Earnings per share also increased to SAR 1.62, compared to SAR 1.42 in the same period last year.
According to the bank, the rise in net profit was driven by an 8% growth in total operating income. This increase was fueled by higher net income from investment and financing assets, net fee and commission income, foreign exchange gains, and other operational revenue. However, this growth was partially offset by lower gains or losses from investments and dividends.
Net income from investing and financing assets grew by 7%, attributed to a 5% rise in income from these assets, although it was partially offset by a 2% increase in return on deposits and financial liabilities.
Additionally, the bank reported a 32% reduction in net provisions for credit losses, reflecting improvements in the portfolio’s composition and quality.
