Bank Albilad (1140) Q3 2024 earnings summary

Executive summary

• Total assets reached SAR 153.7 billion as of September 30, 2024, up from SAR 137.6 billion a year earlier.

• Net income for the nine months ended September 30, 2024, was SAR 2,016.6 million, a 14% increase year-over-year.

• The bank increased its share capital to SAR 12.5 billion through a bonus share issuance.

Financial highlights

• Operating income for the nine-month period rose to SAR 4,195.4 million from SAR 3,965.5 million year-over-year.

• Net financing grew to SAR 106.7 billion, up from SAR 101.6 billion a year earlier.

• Customers' deposits increased to SAR 122.3 billion from SAR 108.9 billion year-over-year.

• Basic and diluted EPS for the nine months was SAR 1.62, compared to SAR 1.42 for the same period last year.

• Cash and cash equivalents at period end were SAR 12.1 billion, up from SAR 3.9 billion a year earlier.

Outlook and guidance

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

• Ongoing participation in government-supported mortgage programs is expected to support future growth.