Bank Albilad’s net profits hike to $171.4mln in Q1-24

The clients’ deposits witnessed an annual growth of 7.82% to SAR 113.74 billion as of 31 March 2024, compared to SAR 105.48 billion, according to the interim financials

Staff Writer, Mubasher

April 29, 2024

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The net profits of Bank Albilad increased by 14.85% to SAR 643.10 million in the first quarter (Q1) of 2024 from SAR 559.90 million in Q1-23.

The clients’ deposits witnessed an annual growth of 7.82% to SAR 113.74 billion as of 31 March 2024, compared to SAR 105.48 billion, according to the interim financials.

Earnings per share (EPS) inched up year-on-year (YoY) to SAR 0.65 in Q1-24 from SAR 0.56.

The assets jumped by 6.15% YoY to SAR 143.70 billion in the first three months (3M) of 2024 from SAR 135.36 billion, while the investments climbed by 7.94% to SAR 23.01 billion from SAR 21.31 billion.

On a quarterly basis, the Q1-24 net profits rose by 5.96% from SAR 606.90 million in Q4-23.

As of 31 December 2023, Bank Albilad achieved net profits valued at SAR 2.36 billion, up 13.80% YoY from SAR 2.08 billion.

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