Saudi Bank Albilad posts 5% drop in first-quarter profit as expenses, impairments rise

Saudi Arabia’s Bank Albilad posted a 5.23% drop in first-quarter net profit to 270 million riyals ($72 million) compared to 284.9 million riyals for the same three months ending March 31 last year.

Total operating income increased by 9% from a rise in net income from investment and financing activities, net exchange income and dividend income, the Islamic bank said in a filing with the Saudi stock exchange on Thursday (May 14).

However, higher impairment charges for credit cards and other financial assets, among others, contributed to a 16% increase in total operating expenses, said the bank.

Albilad's assets grew by 21.39% year-on-year to 88.5 billion riyals.

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