1 Day
Source:
الاقتصادية
BSF and Al-Bilad profit divergence
The profits of the two Saudi banks announcing their third-quarter results showed divergent trends; while "BSF Bank" (Saudi French Bank) achieved an 11.5% increase in profits, benefitting from its greater exposure to the corporate sector and higher interest rates, with only a modest 2% rise in its provisions. Conversely, "Albilad Bank" experienced a 3.4% decline in profits due to its exposure to the retail sector, especially mortgage loans, which led to a 150% increase in its provisions and a 10% rise in operational expenses. The differences in the loan portfolio structures contributed to the varying results between the two banks, with credit provisions playing a major role in Albilad Bank's profit performance.
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