Bank Albilad announced net profit of SAR 152.5 millions for the period ended September 2008 compared to SAR 99.5 millions for the same period of 2007; an increase of 53.3%.

The announcement was made by the Chairman of the Board of Bank Albilad HE Musaed M. Al-Snani who indicated that the growth of the bank's profits is attributable to an increase of 18 % in the total operating income to SAR672.5 millions as at the end of the reported period up from SAR 571 millions as at the end of the same period last year and the earning per share increased to SAR 0.51 compared to SAR 0.33 as at the end of September 2007. Profits for the third quarter of 2008 reached SR 44.6 millions compared to SR 39 millions as at the end of the third quarter last year; a growth of over 14%. Revenues from core activities increased by 11.4%; investment net income reached SAR 429.4 millions as at the end of September 2008 compared to SAR 385.5 millions for the same period last year.

Chairman of the Board H.E.Mr. Musaed M. Al-Snani

HE Al-Snani added that the bank's total assets were essentially unchanged at SAR 15,341 million as at the end of the reported period. The net investment portfolio decreased by 10% compared to the same period in 2007 to reach SAR12,509 million compared to 13,960 for the same period last year and the customer deposits decreased by 6% to SAR 11,176 millions. The shareholder's equity also increased by 3.7% to SAR 3,241 millions Mr. Al-Snani added that the bank is progressing confidently in its ambitious strategy seeking to achieve additional progress and success in the banking business.

His Excellency expressed his thanks and appreciation to the bank's shareholders and customers for their confidence in the bank. He also thanked the bank's employees for their continued dedication and urged them to exert their maximum efforts to realize the bank's objectives. HE Al-Snani confirmed that the Bank has no exposure to the present world real estate mortgage crisis and as such its financial situation is not effected.