RIYADH: Saudi Arabian lender Bank Albilad has reported 25 percent growth in its profit to SR490 million ($130 million) in the first quarter of this year.
The bank’s profits soared, when compared to the previous year, as well as sequentially, and were up 15 percent on a quarterly basis, according to a bourse filing.
It attributed the increase in net profit to higher income from investment and financing activities.
The profit hike also came on the back of higher revenue of SR1.04 billion, against SR912 million a year earlier.
Bank Albilad’s assets were at SR116 billion at the end of March 2022, up from SR103 billion in the same period of 2021.
Operating expenses, however, slightly increased by 3 percent, driven by rising general and admin costs as well as salaries and employee-related benefits.
