Riyadh, Saudi Arabia — Saudi Arabian Bank Albilad has reported a 14 percent increase in the first half net profit to SAR 1.14 billion ($303 million) from SAR 1 billion in the same period last year.
In a Tadawul disclosure, Albilad said net income has increased in the first half due to the increase in total operating income by 4 percent, 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 percent, due to the increase in salaries and employee related benefits and depreciation and amortization. However, other general and administrative expenses have decreased.
The Q2 2023 net profit rose by 15 percent 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 percent from SAR 559.9 million in Q1 2023 on lower G&A.
The Q2 profit rise was attributed to the increase in total operating income by 3 percent, 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 percent, due to the increase in salaries and employee related benefits and depreciation and amortization.
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.
