Riyadh – Mubasher: Bank Albilad reported a 23.58% year-on-year and an 8.6% quarter-on-quarter profit increase in the first quarter of 2019.
The Saudi lender’s net profits surged to SAR 316.5 million ($84.39 million) in Q1-19, compared to SAR 256.1 million ($68.29 million) in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday.
The increase in the bank’s first-quarter net profits was ascribed to higher operating income from investment and financing activities, along with a growth in net fee and commission income.
In addition, the impairment charge for credit and other financial assets increased, coupled with a rise in other general and administrative expenses.
For the full-year 2018, Bank Albilad’s profits rose 17.89% to SAR 1.11 billion, up from SAR 942 million in 2017.
