Saudi Arabia’s Bank Albilad has reported a net profit of SAR 2.01 billion in the first nine months of 2024, achieving a 14% growth from the SAR 1.76 billion reported over the same period a year prior.
During the period, Bank Albilad’s operating income increased by 6%, as a result of higher net income from investment and financing assets, other operating income, dividends, and net fees and commissions. The increase in income was offset by a 28% increase in the return on deposits and financial liabilities.
Moreover, the net impairment charge for expected credit losses decreased by 32% and total operating expenses fell by 3%.
In Q3 2024, the bank’s net profit rose 14% to SAR 702.7 million from SAR 616.17 million in Q3 2023. Net earnings grew 4.7% from SAR 670.85 million in Q2 2024.
