Bank Albilad (1140) Q4 2024 earnings summary

Executive summary

• Consolidated financial statements for the year ended December 31, 2024, were audited and present fairly in all material respects in accordance with IFRS as endorsed in Saudi Arabia.

• The audit identified expected credit loss (ECL) allowance against financing as a key audit matter due to significant estimation and management judgment involved.

Financial highlights

• Total assets increased to SAR 154.96 billion as of December 31, 2024, up from SAR 143.11 billion in 2023.

• Net income after zakat for 2024 was SAR 2.81 billion, up from SAR 2.37 billion in 2023.

• Total operating income rose to SAR 5.67 billion in 2024 from SAR 5.30 billion in 2023.

• Basic and diluted EPS increased to SAR 2.26 from SAR 1.91 year-over-year.

• Customers' deposits grew to SAR 121.78 billion from SAR 112.83 billion year-over-year.

Outlook and guidance

• The Board recommended a further bonus share issuance post year-end, increasing capital to SAR 15 billion, subject to approval.

• The bank continues to monitor macroeconomic variables and stress test scenarios for ECL modeling.