Bank Al-Bilad taking record provisions, plans new branches

21/10/2014 Argaam

Bank Al-Bilad is building this year’s provisions which will be higher than ever, CEO Khaled Sulaiman told Al-Arabiya TV, without specifying a figure.
 

The bank saw increasing deposits following the launch of new branches having opened ten new branches in 2014, he said, adding that new openings are planned around Saudi Arabia.


Asked about a potential impact if the National Commercial Bank (NCB) decided to move into sharia-compliant banking, he said no impact was expected, and thought that may give a new momentum to Islamic finance.


Bank Al-Bilad posted a third quarter profits of around SAR 237.1 million, 20 percent higher than the same period last year.

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