Bank Albilad posted a 23 percent surge in profits for the first nine months of 2022, driven by a rise in operating profit.
Following the announcement, Albilad saw its shares fall 0.38 percent at SR53 ($14), as of 10:10 a.m. Saudi time.
The bank’s profit rose to SR1.5 billion ($399 million) from SR1.3 billion in the same period a year earlier, according to a bourse filing
The profit hike was mainly supported by a 12-percent surge in operating income to SR3.8 billion.
It attributed the results to higher income from investment and financing activities, despite a rise in total operating expenses of 8 percent.
In the third quarter of 2022, the bank saw its net profit rise 20 percent to SR541 million from SR450 million a year earlier on the back of 13 percent growth in total operating income.