Sunday 23, July 2017 by Nabilah Annuar

Bank Albilad posts a SAR 468.1 million in net profits for the first half of 2017

Bank Albilad announces the interim financial results for the period ending on 30 June 2017.

Bank Albilad has reported a 30.61 per cent increase in net profit from SAR 358.4 million in the first half of 2016 to SAR 468.1 million in the first half of this year. The bank posted a 4.1 per cent increase quarter on quarter from SAR 229.4 million in Q1 2017 to SAR 238.8 million in Q2 2017.

Bank Albilad recorded an increase of 9.95 per cent in total assets from SAR 54,328 million in the first half of last year to SAR 59,732 million in the first six months of the year.

Net income has increased due to the increase in total operating income by 12 per cent, which has resulted due to the increase in the income from investment and financing activities net, other operating income and gains on non-trading investments. However, net exchange income, fee and commission and dividend income have decreased.

Total operating expenses have increased by five per cent due to the increase in impairment for financing assets, other general and administrative expenses and depreciation. However impairment on investments, rent and premises related expenses and staff expenses have decreased.

Net income has increased. The increase is due to the increase in total operating income by 11 per cent, which has resulted due to the increase in net income from investment and financing assets activities, other income and gains on non-trading investments. However fee and commission net, net exchange income and dividend income have decreased.

Total operating expenses have increased by four per cent due to the increase in other general and administrative expenses, impairment for financing assets, staff expenses and depreciation. However, impairment on investments and rent and premises related expenses have decreased.

Net income has increased due to the increase in total operating income by 3.4 per cent, which has resulted due to the increase in the income from investment and financing activities net, and dividend income. However, net exchange income, Gains on non-trading investments, other operating income and fee and commission have decreased.

Total operating expenses have increased by 2.6 per cent due to increase in impairment of financing assets, staff expenses, rent and premises related expenses and depreciation. However, other general and administrative expenses have decreased.

Gross Income from investing and financing assets for the three-month period ended 30 June 2017 is SAR 517 million as compared to SAR 433 million in corresponding quarter of last year, an increase of 19.5 per cent

Gross Income from investing and financing assets for the six-month period ended 30 June 2017 is SAR 1000 million as compared to SAR 829 million in corresponding period of last year, an increase of 20.6 per cent

Total comprehensive income for the six months period ended 30 June 2017 is SAR 468 million as compared to SAR 382 million for last year, with an increase of 23 per cent. Total comprehensive income for the three months period ended 30 June 2017 is SAR 247 million as compared to SAR 203 million in corresponding period of last year, an increase of 22 per cent.

Total shareholders' equity (excluding minority rights) as at 30 June 2017 is SAR 7.3 billion compared to SAR 6.7 billion for same period of last year, an increase of nine per cent.

 

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