Riyadh – Mubasher: Bank Albilad on Monday reported a 17.89% increase in net profits to SAR 1.11 billion in 2018, up from SAR 942 million in 2017.

The rise in annual earnings was attributed to a 15.4% growth in operating income, according to a statement to the Saudi Stock Exchange (Tadawul).

Operating income amounted to SAR 3.416 billion from January to December 2018, compared to SAR 2.959 billion in the same period of 2017.

Year-on-year, revenues for special commissions and investments jumped 28% to SAR 2.70 billion in 2018 from SAR 2.11 billion, while net income for special commissions and investments went up 23.3%, reaching SAR 2.14 billion in the twelve-month period ended 31 December 2018 against SAR 1.73 billion in 2017.

Earnings per share (EPS) amounted to SAR 1.85, compared to SAR 1.56.

Bank Albilad’s stock levelled down 0.81% to close Tuesday’s trading session at SAR 30.75.