Bank Albilad ups NPLs coverage to 204%, bullish for 2020: CEO

The bank hiked the coverage ratio of its non-performing loans (NPLs) to exceed 204%, Al Onaizan said, adding that its loan portfolio would help the bank carry out expansions in 2020, and 2021.

The bank has a strong corporate loan portfolio, accounting for more than 50% of its loan portfolio.

The bank's robust financial results in 2019 were driven by the steep growth of its business segments including treasury, corporate and retail.

"The bank has no plans to increase the sukuk issue, which was launched three years ago, as it can finance its operations from internal resources," Al Onaizan noted.

Al Onaizan painted an "optimistic" outlook for the bank's performance in 2020, backed by the positive economic developments in the Kingdom.

Bank Albilad reported net profit of SAR 1.24 billion by end of 2019, a more than two-fold increase year-on-year (YoY).