Bank Albilad reported a net profit of SR 1.348 billion ($346.6 million) for 2020, up 8 percent, compared to SR 1.243 billion in the previous year.
The profit rise was driven by an 8 percent increase in operating income, due to higher net income from investment, financing activities and net exchange income.
However, (loss)/gain from investments, fee and commission income, other operating income, and dividend income decreased.
Total operating expenses increased by 8 percent, due to higher net impairment charge for expected credit losses, other general and administrative expenses, salaries and employee related benefits, and depreciation and amortization.
In Q4 2020, the bank reported a net profit of SR 377.8 million, an increase of 16 percent year-on-year (YoY).
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