2023-04-27 07:11:00
Total operating income increased by 6%.
Bank Albilad’s net profit increased by 14.2% in the first quarter of this year, to 559.9 million riyals, after zakat and tax, compared to 490.3 million riyals in the first quarter of 2022.
On a quarterly basis, the bank’s profits increased by 3.74% in the first quarter of 2023, compared to about 539.7 million riyals in the fourth quarter of 2022.
Bank Albilad said in a statement on “Saudi Tadawul”, today, Thursday, that the increase in net income in the first quarter of 2023, on an annual basis, came as a result of an increase in total operating income by 6%, as a result of the increase in net income from investment and financing assets, and net Earnings from investments and other operating income.
It added that this was offset by a decrease in income, commission fees, dividends and foreign currency exchange gains.
On the other hand, total operating expenses before provision for credit losses and other losses increased by 4%, as a result of the increase in salary and similar expenses, depreciation and amortization. Offset by a decrease in other general and administrative expenses.
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