Saudi- Bank Albilad income up 821.6% 

(MENAFN - Arab News) Bank Albilad reports a net income of SR511.5m for Q1 2012 compared to the net income of SR55.5 million for the same period in 2011, with an increase of 821.6 percent and compared to net income for Q4, 2011 of SR107 million with an increase of 378 percent, according to Tadawul website.

The total operating income for Q1 of 2012 is SR420 Million compared to SR308 million for the same period in 2011 with an increase of 36.4 percent.

The net income from investing and financing assets for Q1 of 2012 is SR194 million compared to 165 million for the same period in 2011 with an increase of 17.6 percent.

The earnings per share is SR1.71 (for the three months period ended March 31, 2012) compared to SR0.18 for the same period last year.

The total assets are worth SR28,540 million as of March 31,2012 compared to SR21,887 million as of March 31,2011 with an increase of 30.4 percent, total investment portfolio is SR803 million as of March 31,2012 compared to SR1,998 million as of March 31,2011 which represent a decrease of 59.8 percent, the net financing portfolio is SR15,062 million as of March 31,2012 compared to SR12,616 million as of March 31,2011 with an increase of 19.4 percent, the total customer deposits are SR22,909 million as of March 31,2012 compared to SR17,514 million as of March 31, 2011 with an increase of 30.8 percent.

The main reason for the growth in net profit for Q1, 2012 compared to same quarter last year and the previous quarter is the increase in the income from investing and financing assets, fees and commission income and the bank gained SR373 million as an non-operating income (extraordinary) from selling its land. The decrease in the net investment portfolio is due to bank concentration to increase the investment in the financing portfolio.