Saudi: Bank Albilad logs over $533mln net profits in 9M-24

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Riyadh – Bank Albilad generated a 14.44% year-on-year (YoY) jump in net profit to SAR 2.01 billion during the first nine months (9M) of 2024, compared to SAR 1.76 billion.

The earnings per share (EPS) went up to SAR 1.62 in 9M-24 from SAR 1.42 in 9M-23, according to the interim financial statements.

As of 30 September 2024, clients’ deposits amounted to SAR 122.34 billion, up 12.32% from SAR 108.91 billion in the year-ago period.

Bank Albilad logged assets worth SAR 153.72 billion in 9M-24, an annual rise of 11.73% from SAR 137.57 billion. Meanwhile, investments rose by 6.56% to SAR 22.99 billion from SAR 21.58 billion.

Income Results for Q3-24

The bank's net profits hit SAR 702.70 million in the third quarter (Q3) of 2024, higher by 14.03% YoY than SAR 616.20 million.

Quarterly, the Q3-24 profits grew by 4.75% from the SAR 670.80 million reported in Q2-24.