Bank Albilad’s Q1 earnings up 15% to SAR 643.1M

Bank Albilad’s Q1 earnings up 15% to SAR 643.1M

29/04/2024 Argaam Exclusive

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Bank Albilad reported a net profit of SAR 643.1 million in Q1 2024, up 15% from SAR 559.9 million in the prior year period.


Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Net Income from investments and financial activities 1,037.44 1,044.73 0.7 %
Operating Income 1,335.61 1,341.35 0.4 %
Debt Provisions (128.85) (51.55) 60.0 %
Net Income 559.90 643.05 14.9 %
Average Shares 1,250.00 1,250.00 -
EPS (Riyals) 0.45 0.51 14.9 %
EPS Diluted (Riyal) 0.45 0.52 14.9 %

Net income from investment and financing assets increased by 1%, on a 21% increase in the income from investment and financing assets, offset by a 54% rise in return on deposits and financial liabilities.

 

Bank Albilad also cited higher gross operating income, on increased dividend income, 2% lower total operating expenses before net impairment charge on lower general & administrative expenses and depreciation & amortization. However, salaries and employee related benefits increased.

Balance Sheet (B)

Item 3m 2023 3m 2024 Change‬
Assets 135.37 143.70 6.2 %
Customer Deposits 105.48 113.74 7.8 %
Financing Investments 95.48 103.31 8.2 %

On a sequential basis, the net earnings grew 6% from SAR 606.9 million.

 

Total shareholders’ equity, no minority interest, stood at SAR 15.7 billion by March 31, 2024, compared to SAR 14.08 billion in the year earlier period.

 

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Financial results (Million)

Period Net Income from investments and financial activities Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
Q1 2015 271.92 19.8 % 555.18 16.3 % (16.12) (246.6 %) 174.14 0.2 % 0.14
Q2 2015 286.56 10.7 % 584.92 9.5 % (29.13) (19.3 %) 206.46 1.0 % 0.17
Q3 2015 293.70 11.1 % 566.39 2.9 % (25.73) (381.7 %) 203.44 (14.2 %) 0.16
Q4 2015 310.22 15.4 % 588.13 9.9 % (7.72) (128.1 %) 204.38 (17.9 %) 0.16
Q1 2016 333.75 22.7 % 626.99 12.9 % (56.41) (250.0 %) 174.52 0.2 % 0.14
Q2 2016 348.66 21.7 % 641.50 9.7 % (53.93) (85.1 %) 183.87 (10.9 %) 0.15
Q3 2016 361.74 23.2 % 638.56 12.7 % (37.68) (46.4 %) 227.81 12.0 % 0.18
Q4 2016 363.76 17.3 % 680.38 15.7 % (43.20) (459.8 %) 221.52 8.4 % 0.18
Q1 2017 391.74 17.4 % 690.77 10.2 % (50.41) 10.6 % 229.38 31.4 % 0.18
Q2 2017 431.50 23.8 % 721.51 12.5 % (76.67) (42.2 %) 238.76 29.8 % 0.19
Q3 2017 448.83 24.1 % 762.94 19.5 % (115.98) (207.8 %) 248.05 8.9 % 0.20
Q4 2017 466.93 28.4 % 784.35 15.3 % (135.57) (213.8 %) 225.86 2.0 % 0.18
Q1 2018 488.24 24.6 % 790.97 14.5 % (95.11) (88.7 %) 246.11 7.3 % 0.20
Q2 2018 521.40 20.8 % 842.68 16.8 % (135.25) (76.4 %) 265.90 11.4 % 0.21
Q3 2018 552.13 23.0 % 880.25 15.4 % (148.14) (27.7 %) 237.02 (4.4 %) 0.19
Q4 2018 602.46 29.0 % 902.12 15.0 % (111.95) 17.4 % (136.32) (160.4 %) (0.11)
Q1 2019 597.09 22.3 % 921.41 16.5 % (124.83) (31.2 %) 284.89 15.8 % 0.23
Q2 2019 693.10 32.9 % 959.24 13.8 % (137.81) (1.9 %) 304.91 14.7 % 0.24
Q3 2019 728.59 32.0 % 1,023.65 16.3 % (140.75) 5.0 % 326.63 37.8 % 0.26
Q4 2019 771.12 28.0 % 1,041.04 15.4 % (139.70) (24.8 %) 327.15 340.0 % 0.26
Q1 2020 769.08 28.8 % 1,004.15 9.0 % (208.05) (66.7 %) 270.04 (5.2 %) 0.22
Q2 2020 821.22 18.5 % 999.51 4.2 % (145.92) (5.9 %) 318.06 4.3 % 0.25
Q3 2020 855.52 17.4 % 1,112.62 8.7 % (160.29) (13.9 %) 382.61 17.1 % 0.31
Q4 2020 846.81 9.8 % 1,139.90 9.5 % (180.25) (29.0 %) 377.81 15.5 % 0.30
Q1 2021 858.76 11.7 % 1,132.99 12.8 % (169.50) 18.5 % 392.75 45.4 % 0.31
Q2 2021 842.49 2.6 % 1,131.04 13.2 % (136.35) 6.6 % 416.09 30.8 % 0.33
Q3 2021 886.75 3.7 % 1,174.47 5.6 % (142.50) 11.1 % 449.70 17.5 % 0.36
Q4 2021 901.49 6.5 % 1,146.81 0.6 % (121.33) 32.7 % 427.99 13.3 % 0.34
Q1 2022 944.46 10.0 % 1,264.51 11.6 % (159.53) 5.9 % 490.31 24.8 % 0.39
Q2 2022 956.66 13.6 % 1,252.76 10.8 % (120.43) 11.7 % 510.98 22.8 % 0.41
Q3 2022 1,003.38 13.2 % 1,325.49 12.9 % (132.06) 7.3 % 540.65 20.2 % 0.43
Q4 2022 982.17 8.9 % 1,348.67 17.6 % (138.63) (14.3 %) 539.75 26.1 % 0.43
Q1 2023 1,037.44 9.8 % 1,335.61 5.6 % (128.85) 19.2 % 559.90 14.2 % 0.45
Q2 2023 1,016.09 6.2 % 1,294.05 3.3 % (75.39) 37.4 % 585.90 14.7 % 0.47
Q3 2023 1,051.99 4.8 % 1,335.84 0.8 % (72.58) 45.0 % 616.17 14.0 % 0.49
Q4 2023 1,004.32 2.3 % 1,337.30 (0.8 %) (47.01) 66.1 % 606.97 12.5 % 0.49
Q1 2024 1,044.73 0.7 % 1,341.35 0.4 % (51.55) 60.0 % 643.05 14.9 % 0.51

Profitability

Period Return On Average Assets Return on Average Equity Net Profit/Investment Income & Other Financing Operations
Q1 2015 2.03 % 15.21 % 77.12 %
Q2 2015 1.92 % 14.99 % 75.48 %
Q3 2015 1.78 % 13.97 % 70.53 %
Q4 2015 1.63 % 12.78 % 63.64 %
Q1 2016 1.57 % 12.52 % 58.43 %
Q2 2016 1.48 % 11.97 % 51.62 %
Q3 2016 1.50 % 12.02 % 48.25 %
Q4 2016 1.54 % 11.92 % 45.62 %
Q1 2017 1.55 % 12.46 % 46.47 %
Q2 2017 1.61 % 13.11 % 47.26 %
Q3 2017 1.59 % 12.93 % 46.38 %
Q4 2017 1.61 % 12.82 % 44.50 %
Q1 2018 1.56 % 12.74 % 42.90 %
Q2 2018 1.54 % 13.15 % 41.61 %
Q3 2018 1.46 % 12.56 % 38.56 %
Q4 2018 0.90 % 7.95 % 22.50 %
Q1 2019 0.94 % 8.15 % 22.51 %
Q2 2019 0.95 % 8.35 % 22.37 %
Q3 2019 1.03 % 9.17 % 23.87 %
Q4 2019 1.56 % 14.41 % 36.28 %
Q1 2020 1.52 % 13.79 % 34.46 %
Q2 2020 1.50 % 13.27 % 34.22 %
Q3 2020 1.50 % 13.38 % 35.54 %
Q4 2020 1.48 % 13.37 % 37.18 %
Q1 2021 1.54 % 14.43 % 40.52 %
Q2 2021 1.60 % 14.73 % 43.19 %
Q3 2021 1.60 % 14.75 % 44.40 %
Q4 2021 1.63 % 14.85 % 44.84 %
Q1 2022 1.63 % 15.40 % 45.86 %
Q2 2022 1.64 % 15.64 % 45.62 %
Q3 2022 1.65 % 15.82 % 44.11 %
Q4 2022 1.73 % 16.40 % 41.87 %
Q1 2023 1.71 % 16.29 % 38.22 %
Q2 2023 1.73 % 16.63 % 35.17 %
Q3 2023 1.74 % 16.65 % 32.91 %
Q4 2023 1.74 % 16.53 % 31.40 %
Q1 2024 1.76 % 16.47 % 31.01 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Financing Investments Change
Q1 2015 46.31 18.7 % 37.86 20.6 % 29.09 19.8 %
Q2 2015 49.14 19.9 % 38.30 14.8 % 31.68 18.4 %
Q3 2015 49.50 12.3 % 40.72 10.6 % 32.29 17.3 %
Q4 2015 51.22 13.2 % 42.18 14.9 % 34.25 20.8 %
Q1 2016 54.30 17.2 % 43.93 16.0 % 37.33 28.3 %
Q2 2016 54.33 10.5 % 42.12 10.0 % 36.93 16.6 %
Q3 2016 55.65 12.4 % 41.24 1.3 % 36.25 12.3 %
Q4 2016 53.75 4.9 % 40.23 (4.6 %) 36.18 5.6 %
Q1 2017 57.29 5.5 % 43.54 (0.9 %) 38.70 3.7 %
Q2 2017 59.73 9.9 % 44.97 6.8 % 40.66 10.1 %
Q3 2017 62.53 12.4 % 46.40 12.5 % 41.81 15.4 %
Q4 2017 63.21 17.6 % 47.78 18.8 % 43.45 20.1 %
Q1 2018 65.78 14.8 % 50.77 16.6 % 45.62 17.9 %
Q2 2018 68.41 14.5 % 52.18 16.0 % 47.34 16.4 %
Q3 2018 70.71 13.1 % 54.57 17.6 % 49.74 18.9 %
Q4 2018 73.64 16.5 % 57.18 19.7 % 50.59 16.4 %
Q1 2019 72.90 10.8 % 57.59 13.4 % 51.40 12.7 %
Q2 2019 76.97 12.5 % 59.32 13.7 % 53.62 13.3 %
Q3 2019 81.16 14.8 % 64.06 17.4 % 56.40 13.4 %
Q4 2019 86.00 16.8 % 67.11 17.4 % 59.29 17.2 %
Q1 2020 88.40 21.3 % 68.38 18.7 % 62.46 21.5 %
Q2 2020 88.86 15.5 % 64.88 9.4 % 64.92 21.1 %
Q3 2020 92.31 13.7 % 68.88 7.5 % 67.76 20.2 %
Q4 2020 95.75 11.3 % 71.55 6.6 % 70.11 18.3 %
Q1 2021 102.52 16.0 % 76.96 12.6 % 75.53 20.9 %
Q2 2021 107.65 21.2 % 81.64 25.8 % 79.13 21.9 %
Q3 2021 111.61 20.9 % 82.35 19.5 % 81.80 20.7 %
Q4 2021 110.85 15.8 % 81.11 13.4 % 82.93 18.3 %
Q1 2022 116.44 13.6 % 86.08 11.8 % 86.39 14.4 %
Q2 2022 121.51 12.9 % 89.11 9.2 % 91.21 15.3 %
Q3 2022 127.02 13.8 % 93.89 14.0 % 92.29 12.8 %
Q4 2022 129.54 16.9 % 94.84 16.9 % 91.18 9.9 %
Q1 2023 135.37 16.3 % 105.48 22.5 % 95.48 10.5 %
Q2 2023 135.40 11.4 % 106.29 19.3 % 98.85 8.4 %
Q3 2023 137.57 8.3 % 108.92 16.0 % 101.60 10.1 %
Q4 2023 143.11 10.5 % 112.83 19.0 % 102.08 12.0 %
Q1 2024 143.70 6.2 % 113.74 7.8 % 103.31 8.2 %

Ratios

Period Customer Deposits Per Total Assets Financing Investments/Customer Deposits Financing Investments/Total Assets
Q1 2015 81.74 % 76.84 % 62.81 %
Q2 2015 77.94 % 82.72 % 64.47 %
Q3 2015 82.26 % 79.30 % 65.24 %
Q4 2015 82.35 % 81.21 % 66.88 %
Q1 2016 80.90 % 84.98 % 68.75 %
Q2 2016 77.53 % 87.68 % 67.98 %
Q3 2016 74.12 % 87.88 % 65.14 %
Q4 2016 74.86 % 89.92 % 67.31 %
Q1 2017 76.00 % 88.89 % 67.55 %
Q2 2017 75.29 % 90.42 % 68.08 %
Q3 2017 74.20 % 90.12 % 66.87 %
Q4 2017 75.60 % 90.93 % 68.74 %
Q1 2018 77.19 % 89.84 % 69.35 %
Q2 2018 76.28 % 90.73 % 69.20 %
Q3 2018 77.18 % 91.14 % 70.34 %
Q4 2018 77.65 % 88.48 % 68.70 %
Q1 2019 79.00 % 89.26 % 70.51 %
Q2 2019 77.07 % 90.40 % 69.67 %
Q3 2019 78.92 % 88.04 % 69.49 %
Q4 2019 78.03 % 88.35 % 68.94 %
Q1 2020 77.35 % 91.35 % 70.66 %
Q2 2020 73.01 % 100.07 % 73.06 %
Q3 2020 74.62 % 98.37 % 73.41 %
Q4 2020 74.73 % 97.99 % 73.22 %
Q1 2021 75.07 % 98.14 % 73.68 %
Q2 2021 75.84 % 96.93 % 73.51 %
Q3 2021 73.78 % 99.34 % 73.29 %
Q4 2021 73.17 % 102.25 % 74.81 %
Q1 2022 73.92 % 100.36 % 74.19 %
Q2 2022 73.33 % 102.35 % 75.06 %
Q3 2022 73.91 % 98.30 % 72.66 %
Q4 2022 73.21 % 96.14 % 70.39 %
Q1 2023 77.92 % 90.52 % 70.54 %
Q2 2023 78.50 % 93.01 % 73.01 %
Q3 2023 79.17 % 93.29 % 73.85 %
Q4 2023 78.84 % 90.47 % 71.33 %
Q1 2024 79.15 % 90.83 % 71.89 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2015 1,250.00 0.69 0.69 - 4.86
Q2 2015 1,250.00 0.69 0.69 - 4.87
Q3 2015 1,250.00 0.67 0.67 - 4.98
Q4 2015 1,250.00 0.63 0.63 - 5.15
Q1 2016 1,250.00 0.63 0.63 - 5.22
Q2 2016 1,250.00 0.61 0.61 - 5.37
Q3 2016 1,250.00 0.63 0.63 - 5.54
Q4 2016 1,250.00 0.65 0.65 - 5.69
Q1 2017 1,250.00 0.69 0.69 - 5.86
Q2 2017 1,250.00 0.73 0.73 - 5.83
Q3 2017 1,250.00 0.75 0.75 - 6.06
Q4 2017 1,250.00 0.75 0.75 - 6.07
Q1 2018 1,250.00 0.77 0.77 - 6.18
Q2 2018 1,250.00 0.79 0.79 - 6.17
Q3 2018 1,250.00 0.78 0.78 - 6.35
Q4 2018 1,250.00 0.49 0.80 - 6.27
Q1 2019 1,250.00 0.52 0.84 - 6.62
Q2 2019 1,250.00 0.55 0.87 - 7.06
Q3 2019 1,250.00 0.62 0.94 - 7.26
Q4 2019 1,250.00 0.99 0.99 - 7.54
Q1 2020 1,250.00 0.98 0.98 - 7.64
Q2 2020 1,250.00 0.99 0.99 - 7.91
Q3 2020 1,250.00 1.04 1.04 - 8.26
Q4 2020 1,250.00 1.08 1.08 - 8.59
Q1 2021 1,250.00 1.18 1.18 - 8.67
Q2 2021 1,250.00 1.26 1.26 - 9.13
Q3 2021 1,250.00 1.31 1.31 - 9.49
Q4 2021 1,250.00 1.35 1.35 - 9.58
Q1 2022 1,250.00 1.43 1.43 - 9.86
Q2 2022 1,250.00 1.50 1.50 - 10.09
Q3 2022 1,250.00 1.58 1.58 - 10.43
Q4 2022 1,250.00 1.67 1.67 1.66 10.72
Q1 2023 1,250.00 1.72 1.72 1.72 11.27
Q2 2023 1,250.00 1.78 1.78 1.78 11.34
Q3 2023 1,250.00 1.84 1.84 1.85 11.69
Q4 2023 1,250.00 1.90 1.90 1.91 12.21
Q1 2024 1,250.00 1.96 1.96 1.97 12.56

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 21.26 21.26 3.02
Q2 2015 22.08 22.08 3.14
Q3 2015 14.73 14.73 1.97
Q4 2015 15.62 15.62 1.91
Q1 2016 14.70 14.70 1.78
Q2 2016 14.21 14.21 1.62
Q3 2016 11.49 11.49 1.31
Q4 2016 15.31 15.31 1.74
Q1 2017 12.78 12.78 1.50
Q2 2017 12.45 12.45 1.57
Q3 2017 12.35 12.35 1.53
Q4 2017 13.05 13.05 1.62
Q1 2018 14.27 14.27 1.77
Q2 2018 14.27 14.27 1.82
Q3 2018 15.25 15.25 1.87
Q4 2018 26.71 16.28 2.09
Q1 2019 27.52 17.17 2.17
Q2 2019 29.68 18.92 2.32
Q3 2019 25.50 16.96 2.19
Q4 2019 16.24 16.24 2.14
Q1 2020 12.49 12.49 1.61
Q2 2020 13.37 13.37 1.68
Q3 2020 13.96 13.96 1.75
Q4 2020 15.78 15.78 1.98
Q1 2021 17.96 17.96 2.44
Q2 2021 17.56 17.56 2.41
Q3 2021 18.76 18.76 2.59
Q4 2021 20.63 20.63 2.90
Q1 2022 26.09 26.09 3.78
Q2 2022 23.28 23.28 3.47
Q3 2022 24.11 24.11 3.64
Q4 2022 21.42 21.42 3.32
Q1 2023 18.50 18.50 2.83
Q2 2023 17.37 17.37 2.73
Q3 2023 18.32 18.32 2.89
Q4 2023 19.09 19.09 2.98
Q1 2024 19.39 19.39 3.04

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Investment Banking and Brokerage Others Remittances ( Enjaz Centers)
Q1 2015 297.14 174.28 40.34 20.20 23.22 -
Q2 2015 320.04 179.49 40.35 19.74 25.31 -
Q3 2015 309.89 184.09 43.80 14.69 13.92 -
Q4 2015 320.79 195.70 37.65 19.96 14.03 -
Q1 2016 325.02 199.98 57.52 19.95 24.53 -
Q2 2016 325.63 196.32 65.10 17.66 36.80 -
Q3 2016 322.86 194.82 62.14 20.17 38.57 -
Q4 2016 320.78 204.70 67.19 35.17 52.54 -
Q1 2017 373.21 208.07 46.09 23.84 39.56 -
Q2 2017 389.03 231.87 50.14 23.39 27.15 -
Q3 2017 403.93 239.47 58.53 31.11 29.99 -
Q4 2017 407.18 254.39 92.68 27.28 2.67 -
Q1 2018 444.39 220.57 98.48 27.54 - -
Q2 2018 501.84 237.48 76.77 26.59 - -
Q3 2018 450.55 236.16 130.40 63.14 - -
Q4 2018 499.72 268.64 84.16 49.59 - -
Q1 2019 549.39 245.51 84.22 42.29 - -
Q2 2019 553.05 258.59 117.55 30.07 - -
Q3 2019 606.26 251.55 117.39 48.45 - -
Q4 2019 573.12 301.39 107.44 59.10 - -
Q1 2020 628.34 253.41 71.72 50.69 - -
Q2 2020 623.10 239.28 108.84 28.28 - -
Q3 2020 704.29 237.06 129.94 47.20 - -
Q4 2020 659.21 274.76 150.74 55.19 - -
Q1 2021 742.32 213.15 123.35 54.16 - -
Q2 2021 736.02 185.65 143.29 66.07 - -
Q3 2021 796.65 202.47 125.84 48.15 - -
Q4 2021 647.23 180.52 248.71 70.36 - -
Q1 2022 750.34 257.89 189.77 66.51 - -
Q2 2022 719.71 303.30 180.44 49.31 - -
Q3 2022 760.58 354.95 162.93 47.03 - -
Q4 2022 537.37 498.14 208.69 104.47 - -
Q1 2023 610.53 407.31 250.45 67.32 - -
Q2 2023 610.36 428.65 173.56 81.48 - -
Q3 2023 558.66 501.65 205.94 69.58 - -
Q4 2023 469.22 524.93 260.69 82.46 - -
Q1 2024 517.59 449.01 281.40 93.35 - -

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 617.99 643.05 4.06 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
Value Capital 642.44 643.05 0.1 %
OSOOL AND BAKHEET 638.49 643.05 0.7 %
Hermes 617.00 643.05 4.2 %
AlJazira Capital 616.00 643.05 4.4 %
SNB Capital 612.00 643.05 5.1 %
FAB Securities 609.00 643.05 5.6 %
Riyad Capital 591.00 643.05 8.8 %


Financial Ratios
Current
Market Cap (M) 39,812.50
Shares Outstanding ((M)) 1,250.00
EPS ( Riyal) (TTM) 1.96
EPS Diluted ( Riyal) (TTM) 1.97
Book Value (BV) ( Riyal) 12.56
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 16.24
P/E (TTM) 16.24
Price/book 2.54
Return on Average Assets (%) (TTM) 1.8
Return on Average Equity (%) (TTM) 16.5
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Share Price

Bank Albilad
31.95
(0.05) (0.16 %)

Bank Albilad (ALBILAD)

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