Riyadh – Mubasher: Bank Albilad gained SAR 1.35 billion in net earnings in 2020, up by 8.4% when compared to SAR 1.24 billion in the previous year.
The rise in the annual net profits was driven by an increase in total operating income by 8%, attributed to a hike in net income from investment and financing activities, and net exchange income, according to a bourse disclosure on Sunday.
Moreover, loss/ gain from investments, fee and commission income, other operating income, and dividend income fell, whereas total operating expenses went up by 8%.
Assets for the twelve-month period ended on 31 December 2020 rose by 11.3% annually to reach SAR 95.7 billion from SAR 86 billion a year earlier.
In a separate filing, the bank's board approved appointing Nasser bin Muhammad Al-Subaie as the Chairman of the board and Chairman of the Executive Committee (non-executive member) and Fahd bin Abdullah bin Dakhil as Vice-Chairman of the board (non-executive member).
The resolution will take effect on 7 February 2021 until 16 April 2022.
