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Riyadh – Mubasher: CEO of Bank Albilad, Abdulaziz Alonaizan, said the provisions that the bank used last year cover about 250% of bad loans, according to Al Arabiya.
Net credit losses provision for 2020 is estimated at SAR 695 million, up by 28% when compared to SAR 543 million in 2019.
The Saudi lender gained SAR 1.35 billion in net earnings last year, a rise of 8.4% from SAR 1.24 billion a year earlier. This hike is attributed to growth in the companies’ financing sector and higher small and medium-sized enterprises (SMEs) funding.
Speaking on the possibility to distribute cash dividends for 2020, Alonaizan said the matter is left to the board of directors, the ordinary general meeting (OGM), and the Saudi Central Bank (SAMA) to decide, highlighting that the latter has no concerns over dividend payment.
Source: Mubasher
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