Bank AlBilad (BBLD) recorded an increase in annual net income by 22.0%, which coupled with improved performance in 1Q10, led to semi-annual profitability increase of 74.0% in 1H10. The overall improved performance of the bank can also be attributed to the bank’s improved control over its operating expenses (that also includes impairment charges for financing, investing, & other financial assets). As we await the detailed financial results for more elaborate analysis, we expect the bank to convert net loss of FY09 to a profit of SR120mn in FY10.
The bank’s investment & financing activities resulted in annual operating income increase of 14.3%. For the period of six months, the operating income recorded growth of 20.4% till 1H10. The customer deposit base posted an annual increase of 18.1% and its financing portfolio rose by 14.8% in 2Q10. BBLD’s total assets recorded an annual increase of 15.2% reaching SR19bn in 1H10
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