Bank Albilad H1 2016 net profit down almost six per cent

18/07/2016 09:15 AST

Bank Albilad reported Q2 net profit of SAR 183.9 million, down 10.94 per cent on Q2 2015. For H1 2016 overall, the bank showed net profits down 5.83 per cent to SAR 358.4 million. Earnings per share were down to SAR 0.60 from SAR 0.63.

Albilad added that EPS was adjusted to conform with the bonus shares issuance increasing the bank's capital from SAR 5 Billion to SAR 6 Billion in the ratio of one share for every five shares, as approved in the Extra Ordinary General Assembly meeting held on 11 April 2016. The bank said the decrease in net income is due to a rise in total operating expense by 19.2 per cent on the back of increases in salaries and employee related benefits expenses, rent and premises expenses and provisions / impairment for financing and investments assets. Albilard reported total assets up 10.72 per cent to SAR 54.4 billion. Loans and advances rose 16.56 per cent to SAR 36.93 billion while customer deposits were up 9.96 per cent at 42.1 billion.


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