Alinma Bank reported net earnings of SAR 582 million in Q1 2018 beating Riyad Capital forecasts of SAR 544 million and consensus estimates of SAR 554 million, Riyad Capital said in an earnings review.

 

The Q1 profit was higher by 38 percent year-on-year (YoY), and by 4 percent quarter-on-quarter (QoQ).

 

The increase was mainly driven by a drop in operating expenses of 29 percent QoQ and 10 percent YoY, mostly due to a decline in provisions.

 

Deposits grew marginally by SAR 275 million over last quarter to SAR 89 billion.

 

Investments growth, unlike previous quarters, was been weak rising by only SAR 621 million, the report said.

 

“Alinma Bank continues to grow its net income consistently…. We raise our target price from SAR 16 to SAR 20 but maintain our ‘neutral’ recommendation,” Riyad Capital said.

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