Bank AlBilad Reports SAR 942 Million (+17%) Net Profits at 2017 End
Bank Albilad reported the annual financial results for the period ended December 31, 2017 (12-month period) where it achieved record profits, represented in growth of net income by 17% to SAR 942 Million, compared to SAR 807.7 Million reported for the same period in 2016. Fourth quarter profits increased to SAR 225.9 Million (+2) compared to the similar quarter of the past year.
Gross income from investing and financing assets jumped at the end of the current period to SAR 2117 Million, compared to SAR 1771 Million, for the similar period of the past year, with 19.6% rise. Gross income from investing and financing assets at the end of the current quarter amounted SAR 570 Million, compared to SAR 475 Million, for the similar quarter of the past year, with 20.1% rise.
On the other hand, total gross income for the twelfth month period ended on December 31, 2017 amounted around SAR 964 Million, compared to SAR 845 Million in the last year, reporting 14% rise. Total equity (after exclusion of minority equity) as of December 31, 2017 reached around SAR 7.6 Billion, compared to SAR 7.2 Billion for the similar period of the past year, recording 6.1% increase.
Commenting on the bank results, Dr. Abdulrhman bin Ibrahim AlHumaid, the chairman of the Board of Directors of Bank AlBilad expressed thanks and appreciation to all customers of the bank for their trust, stressing that these financial results would not have been achieved without Allah's support and this trust and the close link between the bank and its customers and shareholders.
Dr. AlHumaid also thanked the executive management and all male and female employees of Bank AlBilad on the tremendous efforts which have contributed to the achievement of these record results, since establishment of the bank.
Dr. AlHumaid also confirmed in his statement that Bank AlBilad will continue its efforts to achieve the aspirations of the bank's shareholders and continue to develop returns on their equity, in line with the bank keenness to render the best banking services, through all its channels available to the customers, in addition to the continuous development of electronic services.
