Riyadh – Mubasher: Saudi Arabia-based Bank Albilad on Sunday posted an 11.6% year-on-year growth in its net profits for the first quarter of 2018.
The bank's net profits amounted to SAR 256.1 million during the three-month period ended March 2018, compared to SAR 229.4 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).
Bank Albilad attributed the first-quarter increase in its profits to a 14.5% growth in total operating income after net income went up, backed by fresh investments, net financing activities, other operating income, and dividends income.
Total income from investing and financing activities jumped 23.8% to SAR 596 million during the first three months of 2018, compared to SAR 482 million in the corresponding period of 2017, the Saudi lender noted.
Quarter-on-quarter, the Tadawul-listed bank’s profits increased by 13.4% from SAR 225.9 million.
The stock edged up 0.3% to close Thursday’s session at SAR 24.48.
