Saudi Equity Research - Bank Albilad (ALBI) 3Q24 - First Look Note
ALBI’s net advances grew 5.0% YOY and 2.3% QOQ to SAR 106.7 Bn in 3Q24. Customer deposits grew 12.3% YOY and 6.8% QOQ to SAR 122.3 Bn in 3Q24. Loan-to-deposit ratio declined from 91.1% in 2Q24 to 87.2% in 3Q24. Cost to income improved 102 bps YOY, however increased 109 bps QOQ to 42.1% in 3Q24, primarily due to a decline in D&A and G&A expenses.
