Bank Albilad announced net profit of SAR 107.8 millions for the first half of 2008 compared to SAR 60.4 millions for the same period of 2007; an increase of 78.5%.
The Chairman of the Board of Bank Albilad HE Musaed M. Al-Snani in his announcement indicated that the growth of the bank's profits were attributable to an increase of 22 % in the total operating income to SAR 455 millions as at the end of the reported period up from SAR 374 millions as at the end of the same period last year and the earning per share increased to SAR 0.36 compared to SAR 0.20 as at the end of June 2007.
Profits for the second quarter of 2008 reached 57 millions compared to 34.7 millions as at the end of the second quarter last year; a growth of over 64%.
Revenues from core activities increased by 23%; investment net income reached SAR 294 millions as at the end of June 2008 compared to SAR 239 millions for the same period last year.
HE Al-Snani added that the bank's total assets were essentially unchanged at SAR 15,332 million as of the end of the reported period. The net investment portfolio decreased by 11% compared to the same period in 2007 to reach SAR12,232 million and the customer deposits increased by 16% to SAR 11,390 millions. The shareholder's equity also increased by 4% to SAR 3,206 millions
Mr. Al-Snani added that the bank is progressing confidently in its ambitious strategy seeking to achieve additional progress and success in the banking business.
His Excellency expressed his thanks and appreciation to the bank's shareholders and customers for their confidence in the bank. He also thanked the bank's employees for their continued dedication and urged them to exert their maximum efforts to realize the bank's objectives.
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