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Financial figures announced by Bank Al Bilad as
of June 30, 2007
Bank AlBilad recently announced its financial results as of June 30, 2007, as
declared by Mr. Azzam Aba Alkhail, the CEO of Bank AlBilad. The net profits for
the first half of 2007 amounted to 60.4 million Saudi Riyals while the net
profits for the second quarter amounted to 34.7 million Saudi Riyals achieving
an unprecedented growth of 35% compared to the first quarter which was 21%.
He further indicated that the total income of the transactions for the second
quarter reached 201 million Saudi Riyals, achieving a growth of 24% compared to
the second quarter of 2006 which accumulated to 162.6 million Saudi Riyals. He
further said that the bank has achieved tremendous growth so far in 2007 in
comparison to the growth rate of the second quarter which represented 16%.
Further elaborating, he said that the total transactions income at the end of
this term is 373.7 million Saudi Riyals compared to the same term of the
previous year which was 368.8 million Saudi Riyals a growth of 1.4%. The net
income amounted to 60.4 million Saudi Riyals compared to 147.1 million Saudi
Riyals for the same term of the previous year by a decrease of 59%. The
reduction of these profits resulted from the reducing of income as well as the
reduction of fees of the investing funds. The share profit amounted to 0.21 SR
against 0.49 SR for the same period of the previous year.
The net profit of the investments for the second quarter of 2007 increased to
30% to amount to 129.4 Million SR against 99.6 million SR for the second quarter
of 2006, and with 18% for the first quarter of the same year. The CEO further
declared that the growth of the bank assets reached 15.353 million SR with 88%
for the same term from the previous year. This growth exceeded the net portfolio
of the bank by 95% in comparison to 2006 and has reached 13.698 million SR by
June 2007. In addition the growth of deposits reached 9.809 million SR compared
to the amount of 4.876 million SR in June 2006 exceeding the 100% mark, and a
shareholder’s equity growth of 1.4% for the period of the last year amounting to
3.082 million SR.
He further added that the bank is determined in applying strategies that would
aim to offer various sources of income and propose new products and services to
fulfill the requirements of its customers. The bank also proposed new financial
consultancy services, an IPO operations administration, added 14 new operational
branches, during the first half of this year, to amount to 54 branches, and
further added 2 new "INJAZ" operations to a branch network of 82 centers by the
end of June 2007.
On a concluding note, the CEO expressed his gratitude to Bank AlBilad’s
customers and shareholders on their great confidence and support and to the
Bank’s staff for their efforts, dedication and total commitment to accomplish
the bank’s goals.
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