Bank Albilad reported a 14% leap in H1 2023 net profit to SAR 1.14 billion from SAR 1 billion in the prior-year period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 1,901.12 | 2,053.53 | 8.0 % |
| Operating Income | 2,517.27 | 2,629.65 | 4.5 % |
| Total Provisions | (279.96) | (204.24) | 27.0 % |
| Net Income | 1,001.30 | 1,145.80 | 14.4 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.80 | 0.92 | 14.4 % |
| EPS Diluted (Riyals) | 0.80 | 0.92 | 15.0 % |
The profit growth was buoyed by better operating income, due to higher net income from investments and other operating income. This was offset by a decline in net FX income, fee and commission income, and dividend income.
On the other hand, total operating expenses before net impairment charges increased by 2% year-on-year (YoY), on increased salaries and employee-related benefits, as well as depreciation and amortization costs. Other general and administrative expenses (G&A) declined.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Net Income from investments and financial activities | 956.66 | 1,016.09 | 6.2 % |
| Operating Income | 1,252.76 | 1,294.05 | 3.3 % |
| Debt Provisions | (120.43) | (75.39) | 37.4 % |
| Net Income | 510.98 | 585.90 | 14.7 % |
| Average Shares | 1,250.00 | 1,250.00 | - |
| EPS (Riyals) | 0.41 | 0.47 | 14.7 % |
| EPS Diluted (Riyal) | 0.41 | 0.47 | 14.9 % |
The Q2 2023 net profit rose by 15% to SAR 585.9 million from SAR 510.98 million in Q2 2022, thanks to higher net income from investments and financing.
Sequentially, the net profit grew by 4.6% from SAR 559.9 million in Q1 2023 on lower G&A.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Assets | 121.51 | 135.40 | 11.4 % |
| Customer Deposits | 89.11 | 106.29 | 19.3 % |
| Financing Investments | 91.21 | 98.85 | 8.4 % |
Total shareholders’ equity, after minority interest, rose to SAR 14.17 billion as of June 30, 2023, from SAR 12.60 billion a year earlier.
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