Alinma Bank’s net profit falls 28% to SAR 943 mln in H1 2020

05/08/2020 Argaam Exclusive

Alinma Bank reported a net profit of SAR 943 million for the first half of 2020, a 28% decline year-on-year (YoY), compared to SAR 1.31 billion in the year-earlier period.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Net Income from investments and financial activities 2,042.43 2,248.46 10.1 %
Operating Income 2,653.85 2,591.70 (2.3 %)
Total Provisions (207.06) (551.48) (166.3 %)
Net Income 1,313.50 942.75 (28.2 %)
Average Shares 2,500.00 2,500.00 -
EPS (Riyals) 0.53 0.38 (28.2 %)
EPS Diluted (Riyals) 0.53 0.38 (28.3 %)

The decline in earnings was driven by a marginal decline in the total operating income, losses on the revaluation of investments and lower fee income. However, income from financing and investments rose 10%, while exchange income grew 29%.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Net Income from investments and financial activities 1,066.01 1,127.30 5.8 %
Operating Income 1,364.21 1,332.41 (2.3 %)
Debt Provisions (141.66) (192.79) (36.1 %)
Net Income 675.67 572.49 (15.3 %)
Average Shares 2,500.00 2,500.00 -
EPS (Riyals) 0.27 0.23 (15.3 %)
EPS Diluted (Riyal) 0.27 0.23 (14.8 %)

In Q2 2020, net profit fell 15% YoY to SAR 572 million, driven by lower total operating income due to a decrease in fee income and revaluation loss on FVSI investments.

 

When compared to the previous quarter, net profit grew 54.5% due to lower total operating expenses and impairment charges.

Balance Sheet (B)

Item 6m 2019 6m 2020 Change‬
Assets 123.48 142.20 15.2 %
Customer Deposits 92.82 107.42 15.7 %
Financing Investments 87.67 103.18 17.7 %

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Share Price

Alinma Bank
28.20
0.20 0.71 %

Alinma Bank (ALINMA)

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Financial Ratios
Current
Market Cap (M) 70,500.00
Shares Outstanding ((M)) 2,500.00
EPS ( Riyal) (TTM) 2.25
EPS Diluted ( Riyal) (TTM) 2.13
Book Value (BV) ( Riyal) 12.96
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 12.54
P/E (TTM) 12.54
Price/book 2.18
Return on Average Assets (%) (TTM) 2.3
Return on Average Equity (%) (TTM) 18.5
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