Saudi’s Bank Albilad Records 25% Profit Growth in First Quarter of 2022

Saudi Arabia’s Bank Albilad has reported SAR 490 million (USD 130 million) in profit in the first quarter of 2022 (1Q 2022), recording a 25% yearly growth from 2021 and a 15% quarterly increase, according to a bourse filing.

Why it Matters?

The increase in profit was attributed to higher income from investment and financing activities, coupled with higher revenue which stood at SAR 1.04 billion (USD 277 million), compared to SAR 912 million (USD 243 million) in the previous year.

Details

The bank’s assets increased to SAR 116 billion (USD 31 billion) at the end of March 2022 from SAR 103 billion (USD 27 billion) in 2021. Operating expenses saw a 3% on the back of rising general and admin costs as well...