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Bank Albilad logs SAR 287m profit in Q3

Bank Albilad logs SAR 287m profit in Q3
EPS amounted to SAR 1.37 from January to September this year
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Riyadh – Mubasher: Saudi Arabia-based Bank Albilad on Monday posted a 15.6% year-on-year profit increase for the third quarter of 2018, logging SAR 287 million ($76.49 million), compared to SAR 248.1 million ($66.12 million).

The Saudi lender attributed the third-quarter profit growth to a 15.4% rise in total operating profits worth SAR 880.2 million, compared to SAR 762.9 million in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul).

Total revenues for special commissions and investments jumped 28% to SAR 700.8 million during the three-month period ended September, from SAR 547.6 million in the corresponding period a year earlier.

Net income for special commissions and investments levelled up 22% to SAR 546.6 million in Q3-18, compared to SAR 448.8 million during Q3-17.

Quarter-on-quarter, the bank's profits rose 4% in the July-September period of this year, from SAR 275.9 million.

During the first nine months, Bank Albilad’s profits went up 14.3% to SAR 819 million, from SAR 716.2 million from January to September 2017.

The Saudi lender attributed the increase of the nine-month period profits to a 15.57% jump in total operating income, reaching SAR 2.51 billion, compared to SAR 2.17 billion during the year-ago period.

Net income for special commissions and investments increased by 22% to SAR 1.54 billion by the end of September, compared to SAR 1.27 billion during the first nine months of 2017.

Earnings per share (EPS) amounted to SAR 1.37 from January to September this year, up from SAR 1.19 in the same period a year earlier.

Bank Albilad's stock decreased by 2.70% to close Sunday's trading session at SAR 23.10.