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Bank Albilad announces its (audited)
financial results for the year ending on December 31, 2007
Bank Albilad announced its net profits of SR 72.5 m for the
fiscal year ending on December 31, 2007; a decrease of 59% of SR 178
m for 2006. The share profit was SR 0.24 compared to SR 0.59 year on
year. The results were announced by the Chairman of the Board
H.E.Mr. Musaed M. Al-Snani.
Mr. Snani pointed out that the total sales revenues were SR 778.6 m
as at the end of December 2007 compared to SR 655 m; an increase of
19% over the same period last year. Revenues from the Bank's major
activities also increased up to SR 534.4 m net income of investments
compared to SR 359 m; an increase of over 49% year on year. The
total operations expenditure reached SR 706 m compared to SR 477 m;
an increase of 48% over the same period last year. He explained that
such increase in the operations expenditure is attributable to the
expansion of the Banks businesses in terms of branches opened,
recruitment of qualified human resources and accounts depreciations,
in addition to supporting the investment portfolio appropriations,
which supports the Bank's financial situation. The losses incurred
in the fourth quarter of 2007 were SR 27 m compared to profits of SR
266 thousands for the same period of 2006.
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Chairman of the Board H.E.Mr. Musaed M. Al-Snani
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Addressing the Bank's results for the fiscal year 2007 Mr. Snani
said that the total assets of the Bank as the end of the reported
period were SR 16,636 m compared to SR 11,281 m; an increase of 47%
over the same period last year as a result of the increase in the
net investment portfolio up from SR 3,764 m to SR 13,599 m; an
increase of 38%. The customers' deposits reached SR 12,689 m as at
the end of the reported period compared to SR 7,858 m; an increase
of 61% over the same period last year, and the increase of the
shareholders equity up to SR 3,104 m; an increase of 2.6%.
Mr. Snani also talked about the development of the banking services
which satisfy the needs of Bank's customers of all segments through
its branches that cover all areas of the Kingdom which reached 60
branches of the Bank as at the end of the reported period compared
to 40 branches year on year in addition to 84 branches for Enjaz
centers compared to 80 branches at the end of last year.
Mr. Snani expressed his deep appreciation to the Bank's
shareholders, customers and employees for their support of the
Bank's progress.
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