Riyadh – Mubasher: Bank Albilad on Tuesday announced its interim financial results for the second quarter and the first six months ended 30 June 2018.
The bank achieved SAR 275.9 million ($73.55 million) in profits in the second quarter of 2018, up 16.12% year-on-year from SAR 237.6 million ($63.34 million), according to a bourse statement.
Quarter-on-quarter, the Saudi bank’s profits grew 7.73% from SAR 256.1 million ($68.28 million).
As for the first half of 2018, Bank Albilad’s net profit hiked 14.58% to SAR 532 million, from SAR 464.3 million in the comparable period of last year.
Moreover, net special commission income amounted to SAR 1.002 billion, rising 21.78% year-on-year from SAR 823.2 million in H1-17.
Total assets increased to SAR 68.407 billion between January and June, from SAR 59.732 billion in the year-ago period.
Earnings per share (EPS) amounted to SAR 0.89, versus SAR 0.77 in the same period of 2017.
The Saudi-listed bank attributed its profit increases to higher total operating income driven by a rise in net income from investment and financing activities, dividend income, exchange income, fee and commission net income, other operating income and gains from investments, the statement showed.
Bank Albilad previously posted SAR 256.1 in Q1-18, up 11.6% from SAR 229.4 million in the corresponding period of 2017.
