Riyadh – Bank Albilad reported its interim financial results for the third quarter of 2019.

Net profits stood at SAR 326.6 million in Q3-19, up 37.8% from SAR 237 million in Q3-18, according to the bank’s filing to the Saudi Stock Exchange (Tadawul) on Monday.

Revenues of the Saudi lender rose by 23.6% year-on-year to SAR 873.1 million during the three-month period ended September.

“Net income has increased due to the increase in total operating income by 16%, due to the increase in net income from investment and financing activities, gains on investments net, dividend income and other operating income,” the statement said.

For the first nine months of 2019, Bank Albilad’s net profits levelled up by 22.3% to SAR 916.6 million, compared to SAR 749 million in the same period a year ago.

Total revenues grew by 25.9% to SAR 2.46 billion by the end of September, versus SAR 1.95 billion in September 2018.

The bank’s assets stood at SAR 81.2 billion in nine months, while customers deposits recorded SAR 56.4 billion over the same period.

Source: Mubasher

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