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

05/08/2020 Argaam Exclusive

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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 %)

Item	Q1 2020	Q2 2020	Change‬
Net Income from investments and financial activities	1,121.16	1,127.30	0.5 %
Operating Income	1,259.28	1,332.41	5.8 %
Debt Provisions	(358.69)	(192.79)	46.3 %
Net Income	370.27	572.49	54.6 %
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.15	0.23	54.6 %
EPS Diluted (Riyal)	0.15	0.23	53.3 %

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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