Saudi Bank Albilad reports 17% profit hike in Q3

The lender’s earnings hit $102mln in Q3-20

  
A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

A Saudi trader monitors stocks at the Saudi stock market in Riyadh, Saudi Arabia, January 8, 2020.

REUTERS/Ahmed Yosri

Riyadh –  Bank Albilad posted a 17.1% annual increase in profits over the third quarter (Q3) of 2020, thanks to higher total operating income by 9%.

The lender’s earnings hit SAR 382.6 million in Q3-20, compared with SAR 326.6 million in the year-ago period, according to a bourse statement on Thursday.

Meanwhile, gains/losses from investments, fees and commission income, and dividend income decreased, whereas total operating expenses rose by 4%.

Total revenue was up by 2.6% year-on-year (YoY) during Q3 to SAR 911.2 million.

During the period from January to September, the profits grew by 5.9% YoY to SAR 970.7 million.

Source: Mubasher

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