Mortgage loans boosted Bank Albilad’s results in 2018: CEO

Bank Albilad’s profit growth in 2018 was driven by higher operating income, in addition to the strong performance of its real estate portfolio, Al Arabiya TV has reported, citing Chief Executive Officer, Abdul Aziz Al-Onaizan.

The bank has highly contributed to the housing projects in the Kingdom over 2018, which boosted its mortgage loans portfolio, Al-Onaizan added.

“Also, the bank grew its sukuk portfolio by more than 60 percent in 2018 to around SAR 2 billion,” he noted.

Bank Albilad recorded non-performing loans’ (NPLs) coverage ratio of more than 200 percent, thanks to its strict policy regarding provisions, despite posting higher earnings.

“Albilad will proceed with financing housing projects over the coming period, in line with Saudi Vision 2030,” Al-Onaizan indicated.

Bank Albilad reported a 17.8 percent increase year-on-year (YoY) in net profit to SAR 1.11 billion for fiscal year 2018, driven by a 15.4 percent rise in operating income.