Bank Albilad achieves record high in annual net profit for 2019

Bank Albilad achieves record high in annual net profit for 2019



Bank Albilad annual net profit rises to SAR 1.4 billion for 2019 before the Zakat expenses , hitting a new record high since bank inception


Today, Bank Albilad announced the annual financial results for the year ended 31/12/2019, where the results recorded a continuous growth as a result of growth in all the bank activities as the net income of the Bank before Zakat increased by 25% to reach SAR 1,387 million compared to SAR 1,110.5 million for the corresponding period of the previous year. The Bank persisted in achieving an increased level of revenues which witnessed an increase achieved on the basis of total operating income of SAR 3,945 million with an increase of 15% that was essentially fueled by higher financing and investment revenues.
Net financing increased to SAR 59.363 million with an increase of 17% and investment grew to reach SAR 10.987 million with an increase 70% compared to the corresponding period of the previous year. This is in addition to the growth in the Bank's total assets by 17% to reach SAR 86.075 million with deposits increased to reach SAR 66.798 million compared to the corresponding period of the previous year. 

It is worth noting that the year 2019 witnessed a change in the Zakat accounting policy, where the Bank has recognized Zakat in the income statement for the year 2019G and amended the financial statements for the year 2018G. In previous years, Zakat was recognized in the statement of changes in equity. The amended income statements for the year 2018 also included the effect of the Bank agreement entered into with the General Authority of Zakat and Income on the settlement of zakat claims for the previous fiscal years from 2006G until the end of the fiscal year 2017G.

Commenting on the Bank's results, the Chairman of Bank Albilad Dr. Abdulrhman Ibrahim Al Humaid, thanked the Bank customers for their confidence, noting: "These positive financial results were, however, only possible due to the help, blessing and kindness of the almighty God and close linkage that exists between the Bank and its customers and shareholders, and then the efforts of the male and female ambassadors of the Bank. The Bank also managed to achieve positive financial and operating results and growth during the year 2019G so as to be considered a record results realized since the Bank inception. The financial results witnessed exceptional growth compared to the previous year, as Bank Albilad achieved during 2019G positive rates exceeded in its entirety the targeted plans by the grace of God, then thanks to the Bank policies and business strategies implemented during the year, expanded services, upgraded operating capabilities while reducing costs and innovated financing solutions to its esteemed customers."

It is worth noting that Bank Albilad launched several personal and corporate financial products and solutions enhanced by a set of advanced digital services aimed at improving the customer experience, the latest of which was the launch of the "WhatsApp" service documented on the number +966920001002 for its respected customers to provide a communication platform fulfills their needs and requirements around the clock in the Kingdom and around the world. 

The Bank also won the award of "The Best Bank for Real Estate Financing" for the 3rd quarter of 2019G awarded by the Ministry of Housing in recognition of its contribution to supporting the real estate sector in the Kingdom and its continuous significant role in fulfilling the citizens' real estate needs through various real estate financing programs. 

The Bank has also received the most innovative credit card award for 2019G awarded by International Finance Banking Awards, in addition to the award of "Best CSR initiative" awarded by "Global Business Outlook Awards" for the initiative to clean the waterfront in Jeddah, "Our Depth", in which more than 500 volunteers participated, and more than 5,000 kg of wildlife threatening wastes were removed." 

Bank Albilad also provides its services to all customers through its extensive network of 149 branches across the country, in addition to five sales centers in Riyadh, Jeddah, Dhahran, Al Jubail and Al Kharj operating until 9:00 PM.
Bank Albilad provides money transfer services and foreign currency exchange through its remittance arm Enjaz with more than 180 centers all over the Kingdom, including Enjaz Centers at King Khalid Airport in Riyadh that opens its doors around the clock (International departure terminal no.1– international departure terminal no.2- international arrival terminal no.2), in addition to 80 Enjaz Self-Service Machines.

The bank as well  provides services to the SME sector through more than 10 centers in Riyadh, Jeddah, Dammam, Al Ihsaa, Abha, Makah, Al-Qassim, Hail, Al-Jubail and Al-Khafji and through Bank Albilad business phone No. 8001237777, email: SME@bankalbilad.com. The bank also offer its services through wide ATM network of more than 850 ATMs and through the latest integrated e-services 24/7, including the website www.bankalbilad.com and Albilad app for smart phones. In addition, Bank Albilad provides 24/7 customer service line via Albilad phone No. 920001002 and a toll-free number inside the kingdom 8001230000 for general inquiries and feedback or through all social media channels, including @Enjazalbilad/ @Bankalbilad, Twitter, Facebook, Instagram, LinkedIn and Snapchat.
Bank Albilad is a Saudi joint stock company, CR No. 1010208295, Head Office: Al Moatamarat 8229, Riyadh 12711-3952, KSA, under monitoring and supervision of Saudi Arabian monetary authority (SAMA) and licensed by royal decree 48/M on 21/9/1425H corresponding to (4/11/2004G).



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