The net income of “Bank Albilad” (1140) rose to nearly SAR 703 million in the third quarter of this year, marking a 14% YoY leap.
Details
The lender, operating in KSA since 2004, benefitted from an 8% YoY rise in operating income during Q3.
This was due to a rise in its profit from investment and financing assets and an uptick in fees and commissions.
Moreover, gains from foreign currency transactions and income from other operations also saw a rise during the period.
In contrast, there was a fall in net gains from investments and dividend distributions.
So what
Net income from investing and financing assets increased by 10% in the last three months, mainly due to an increase in the income from investing and financing assets by 12%.
However, the return on deposits and financial liabilities increased by 13%.
Some context
The bank’s net profits saw a growth of about 14.5% YoY in the first nine months of the current year to exceed SAR two billion.
Earnings per share rose to 1.62 riyals, compared to SAR 1.42 during the period ending September 30, 2023.
