By Mohammed Abu Meleeh
Riyadh-Mubasher: Bank Albilad has expanded significantly in its branch network over the last 10 years, said CEO Khalid Al-Jassir.
He told Mubasher that the lender is currently focusing on the local market, with no plans for expansions overseas.
"Opening up the Tadawul to foreigners aims to lure well-experienced investors which will focus on the high-yield sectors, and this will help the bourse grow at fastest pace," Al-Jassir said.
He added that SAMA's decision stipulating that clients should pay 30% of the financing value as first payment weighed negatively on the market, because several customers cannot pay such an amount.
The lender posted SA 174.1 million in net profits for the first quarter of 2015, rising 0.23% compared with SAR 173.7 million a year earlier.
However, the earnings were 30.05% lower compared with SAR 248.9 million in the previous quarter.
Translated by Abdul Maguid Aboshahla
