Bank Albilad posts 25% higher profits in 2021

Bank Albilad posts 25% higher profits in 2021

Riyadh – Mubasher: The net profits of Bank Albilad jumped by 25.06% to SAR 1.69 billion in 2021, compared to SAR 1.35 billion in the earlier year.

Higher net profits are driven by the 8% rise in total operating income due to higher net income from investment and financing activities, fees, and commission income, according to a bourse filing on Thursday.

The bank's net income from special commissions increased by 5.98% to SAR 3.49 billion last year from SAR 3.29 billion in 2020.

The bank's assets reached SAR 110.85 billion in 2021, up 15.77% from SAR 95.75 billion in the previous year.

The earnings per share (EPS) settled at SAR 2.26 last year, versus SAR 1.81 in 2020.

It is noteworthy to mention that during the first nine months (9M) of 2021, the Saudi lender registered net profits of SAR 1.25 billion, increasing by 29.6% from SAR 970.7 million in the year-ago period.