Profits of Bank Albilad soar to $450m in 2021

RIYADH: Saudi Arabia's Bank Albilad has reported over a 25 percent increase in its 2021 profits, driven by a rise in its operating profit.

Profits reached SR1.69 billion ($450 million), compared to SR1.35 billion a year earlier, the bank said in a statement.

The bank attributed the profit hike to an 8 percent increase in operating income, driven by higher income from investment and financing activities.

It added that profits were further buoyed by a 2 percent fall in operating expenses, as a result of lower impairment charges for expected credit lowers, which dropped by 18 percent.