Bank Albilad (1140) Q2 2024 earnings summary

Executive summary

• Net income for the six months ended June 30, 2024, rose to SAR 1,313.9 million, up from SAR 1,145.8 million year-over-year.

• Total assets increased to SAR 145.3 billion as of June 30, 2024, compared to SAR 135.4 billion a year earlier.

• The bank issued bonus shares, increasing share capital from SAR 10 billion to SAR 12.5 billion.

Financial highlights

• Operating income for the six months reached SAR 2,749.1 million, up from SAR 2,629.7 million year-over-year.

• Net financing grew to SAR 104.3 billion, compared to SAR 98.9 billion a year earlier.

• Customers' deposits rose to SAR 114.5 billion from SAR 106.3 billion year-over-year.

• Basic and diluted EPS for the six months was SAR 1.06, up from SAR 0.92 year-over-year.

• Total comprehensive income for the period was SAR 1,105.1 million, down from SAR 1,265.3 million year-over-year due to negative fair value changes.

Outlook and guidance

• The bank continues to focus on expanding its retail and corporate banking segments and maintaining strong capital adequacy.

• No significant impact is expected from new accounting standards effective in 2024.