Alinma Bank’s Q2 net profit of SAR 488 million came ahead of Riyad Capital’s forecast of SAR 421 million and the consensus estimate of SAR 425 million, the brokerage firm said in an earnings review.
“The growth in bottom line primarily stems from a decline in operating expenses by -20 percent Y/Y and -9 percent Q/Q (as provisions dipped substantially Q/Q) although operating income has also dipped,” Riyad Capital added.
Profit margins came in line with forecasts.
Alinma’s provisions dropped substantially to SAR 120 million in Q2, missing Riyad Capital’s estimates of SAR 163 million.
The bank is projected to report net profit of SAR 1.6 billion for the current year and SAR 1.7 billion for 2018.
Cash dividend is seen rising to SAR 0.55 per share this year, compared to SAR 0.50 per share in 2016.
Riyad Capital affirmed its “neutral” rating on the stock, keeping its target price unchanged at SAR 14.
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}