Bank Albilad has announced net income for Q2 2012 of SAR 153.5 million compared to net income of SAR 81.7 million for the same period in 2011, an increase of 87.9 per cent, and compared to net income for Q1 2012 of SAR 511.5 million with a decrease of 70 per cent.
The Saudi bank said total income from operations for Q2 2012 is SAR 444.5 million compared to SAR 338 million for the same period in 2011, up 31.5 per cent. Net income from investing and financing assets for Q2 2012 is SAR 205.6 million compared to 178.5 million for the same period in 2011 with an increase of 15.2 per cent.
Overall net income for the six months period ended 30 June 2012 is SAR 665 million compared to net income of SAR 137.1 million for the same period in 2011, with an increase of 385 per cent. Earnings per share is SAR 2.22 for H1 2012 compared to SAR 0.46 previously.
Total income from operations for the six months was SAR 864.3 million compared to SAR 646.4 million for the same period in 2011, an increase of 33.7 per cent. Net income from investing and financing assets was SAR 399.5 million, up 16.3 per cent.
Total assets were SAR 29,058 million as of 30 June 2012 compared to SAR 22,460 million a year ago, up 29.4 per cent; total investment portfolio is SAR 348 million, down 81.7 per cent; net financing portfolio is SAR 16,208 million, up 24.6 per cent; total customer deposits are SAR 23,611 million, up 36.5 per cent.
Bank Albilad said in a statement to the Tadawul, “The main reason for the growth in net profit for the first half 2012 compared to same period last year is the increase in the income from investing and financing assets, fees and commission income and the other reason for the decrease in net profit for Q2 2012 compared to Q1 2012 is the bank gained SAR 373 million as non-operating income (extraordinary item) from selling its land in Q1 2012. The decrease in the net investment portfolio is due to bank concentration to increase the financing portfolio.”