Albilad Bank Q1 Profits Fall 3.5 Percent

Bank Albilad's profits declined by 3.5% in the third quarter of this year, reaching 740 million riyals compared to 766 million riyals in the same period of the previous year. This was due to a 16% increase in operating expenses and a 150% rise in credit loss provisions. Despite this, the bank experienced a 7% increase in income from its investment and financing assets, and its core revenues grew by 5%. Additionally, the bank raised $500 million through the issuance of perpetual sukuk with an annual return of 6.37%, aiming to strengthen its capital and support its long-term strategic plans.

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