Saturday, Jul 09, 2011
RIYADH (Zawya Dow Jones)--Saudi Arabia's Bank Al Bilad (1140.SA) said Saturday its second-quarter net profit soared to 81.7 million Saudi riyals ($21.8 million) from SAR32.8 million in the year earlier period due to an increase in income from investing and financing assets and fees.
First-half earnings per share came in at SAR0.46 compared with SAR0.28 in the year-earlier period, the lender said in a statement posted on the Saudi bourse web site.
The total income from operations for the second quarter of the year rose 24% to SAR338 million, while net income from investing and financing assets increased 17.3% to SAR178.5 million.
The bank's assets totaled SAR22.5 billion at the end of June, up from SAR18.9 billion a year ago. Deposits stood at SAR17.3 billion, a 15.3% increase from the same period in 2010.
Profits at several Saudi banks were hit in 2009 as they boosted provisions to counter exposure to troubled Saudi firms and the global economic crisis. Al Bilad didn't say whether it booked provisions in the three months to June.
-By Summer Said, Dow Jones Newswires; +966-546-842-373; summer.said@dowjones.com
(END) Dow Jones Newswires
09-07-11 1409GMT
