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Oracle shares up 35%

Huge AI contracts lead to the surge.

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Bank Albilad posts net profit

Unitholders can expect to receive their cash distributions within 10 days from the entitlement date.
By TRENDS Desk
October 26, 2023 6:03 pm
  • The bank reported a 3 percent year-on-year increase in gross operating income during January-September 2023 period.
  • The rise in gross operating income was mainly due to higher net income from investing and financing assets.

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. 

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