The preliminary financial results of Bank Albilad showed an increase in its net profit after zakat and tax by 24.82% in the first quarter of 2022, to about 490.3 million riyals, compared to a net profit of about 392.8 million riyals in the same quarter of 2021.
On a quarterly basis, Bank Albilad’s net profit increased by 14.56%, compared to a profit of about 428 million riyals in the fourth quarter of 2021.
These profits came better than the average expectations of analysts, which was 442 million riyals.
Bank Albilad said in a statement on “Tadawul Saudi Arabia” today, Wednesday, that the increase in net income in the first quarter of 2022, on an annual basis, came as a result of an increase in total operating income by 12%, as a result of the increase in net income from investment and financing assets and net gains Investments, foreign exchange gains, other operations income and dividends, offset by a decrease in commission income and fees.