RIYADH: Bank Albilad’s shares surged over 1 percent in Wednesday’s trading session, following a 24 percent profit leap for the first half of 2022, driven by a rise in operating profit.
The bank’s share price advanced to SR49.35 as it announced that profit rose to SR1 billion ($266 million) from SR808 million in the same period a year earlier.
The profit hike was mainly supported by an 11-percent surge in operating income to SR1.5 billion, Bank Albilad said in a bourse filing earlier in the day.
It attributed the results to higher income from investment and financing activities, despite a rise in expenses of 3 percent.
It added that profits were further buoyed by a decrease in impairment charges for expected credit losses, which dropped to SR280 million from SR360 million last year.
