Bank Albilad announced net profit of SR 50.8 m for the first quarter of 2008 compared to SR 25.7 for the same period of 2007; an increase of 98%.

The Chairman of the Board of Bank Albilad HE Musaed M. Al-Snani announced the profit, indicating that the growth of the bank's profits are attributable to the increase of 30% in the operation revenue up from SR 171 m as at the end of the first quarter last year to SR 223 m as at the end of the reported period. Revenues of the core activities increased by 34%; investment net income reached SR 147 m as at the end of March 2008 compared to SR 110 m for the same period last year.

Chairman of the Board H.E.Mr. Musaed M. Al-Snani

Snani added that the bank assets increased to SR 17,088; an increase of 51% over the same period 2007. The growth in the net investment portfolio increased by 36% year on year to reach SR 13,488 m and the customer deposits increased to SR 13,244 m compared to SR 7,981 m for the same period last year; a growth of 66%. The shareholder equity also increased up to SR 3,149 m; an increase of 3.3% over the same period 2007. The share dividend increased to SR 0.17 compared to SR 0.09 year on year. He added that the bank is progressing confidently in its ambitious strategy seeking to achieve additional progress and success in the banking business.

Snani expressed his thanks and appreciation to the bank's stakeholders, shareholders and customers, for their commendable confidence in their 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.