Alinma Bank’s Q3 financials in-line with forecasts, says Riyad Cap

Alinma Bank reported a net income after zakat of SAR 713 million in Q3 2019, which came in-line with Riyad Capital’s estimates of SAR 703 million but beat market consensus, the brokerage firm said in a note.

“We have adjusted estimates and lowered the target price to SAR 22, but remained Neutral on the stock,” Riyad Capital said.

Operating expenses rose +17 percent year-on-year (YoY) to around SAR 647 million, mainly on the back of higher general & administrative (G&A) and employee-related expenses.

Alinma managed to register a net financing and investment income above SAR 1 billion for the second quarter in a row reaching SAR 1.2 billion.