Alinma Bank’s net profit of SAR 507.8 million for Q4 2019 fell below Aljazira Capital and consensus’ estimates of SAR 742.3 million and SAR 697 million, respectively, the brokerage firm said in an earnings review report.
Deviation from estimates arose mainly due to higher than expected impairment charge. Loans and deposits increased 13% and 13.2% year-on-year (YoY), while lending rates were marginally below expectations.
“We expect Alinma to post earnings of SAR 3.3 million in FY2020. However, we will re-visit our estimates once the company provides its detailed financial results”, the firm added.
Aljazira Capital maintained its “overweight” recommendation on Alinma and kept the per share target price unchanged at SAR 26.80.
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