RIYADH, SAUDI ARABIA – Bank Albilad reported a 14 percent rise in net profit to US$469 million (SAR 1.76 billion) for the first nine months of 2023, compared to US$410 million (SAR 1.54 billion) in the corresponding period last year.
The bank reported a 3 percent year-on-year increase in gross operating income during the nine-month period.
This was mainly due to higher net income from investing and financing assets.
The third-quarter net profit grew 14 percent to US$164 million (SAR 616.20 million) from US$144 million (SAR 540.65 million) in Q3 2022, on a 1 percent higher gross operating income.
