Bank Albilad’s net profits soar 37.5% in H1

Clients’ deposits increased by 25.8%

  
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 - Mubasher: Bank Albilad achieved a net profit after Zakat and tax worth SAR 808.8 million in the first half (H1) of 2021, higher by 37.5% than SAR 588.1 million in H1-20.

Earnings per share stood at SAR 1.08 in H1-21 from SAR 0.79 in H1-20, according to a bourse filing on Sunday.

Clients’ deposits increased by 25.8% to SAR 81.63 billion in the January-June 2021 period from SAR 64.87 billion in the same period last year.

The bank’s assets have totalled SAR 107.65 billion at the end of June 2021, up 21% from SAR 88.85 billion in the prior-year period.

Total operating profit grew by nearly 13% to SAR 2.26 billion in H1-21 from SAR 2 billion in H1-20.

During the second quarter (Q2) of 2021, Bank Albilad achieved an increase of 30.8% in net profits to SAR 416.1 million from SAR 318.1 million in Q2-20.

Total operating profits rose by 13% to SAR 1.13 billion in Q2-21 from SAR 999.5 million in Q2-20.

On a quarterly basis, the net profits in Q2-21 were 5.9% higher than SAR 392.8 million in Q1-21. Meanwhile, the total operating profits were marginally lower by 0.17%.

Source: Mubasher

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