Alinma Bank net profit down 22% to SAR 1.57 bln in 9M 2020

27/10/2020 Argaam Exclusive

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Alinma Bank reported a net profit before Zakat and income tax of SAR 1.572 billion for the first nine months of 2020, a 22% year-on-year (YoY) decline, the bank said in a bourse statement on Tuesday.

The decline in net profit was attributed mainly to the higher impairment charges and operating expenses.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Net Income from investments and financial activities	3,181.29	3,433.61	7.9 %
Operating Income	4,094.82	4,071.53	(0.6 %)
Total Provisions	(315.37)	(782.48)	(148.1 %)
Net Income	2,026.29	1,572.00	(22.4 %)
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.81	0.63	(22.4 %)
EPS Diluted (Riyals)	0.81	0.63	(22.2 %)

The bank reported a net profit of SAR 629 million for the third quarter of 2020, a 12% YoY decrease.

When compared to previous quarter, net profit grew 9.9% during Q3 on higher income from financing and investments, fee income and other operating income.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Net Income from investments and financial activities	1,138.86	1,185.15	4.1 %
Operating Income	1,440.97	1,479.84	2.7 %
Debt Provisions	(108.31)	(231.00)	(113.3 %)
Net Income	712.78	629.25	(11.7 %)
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.29	0.25	(11.7 %)
EPS Diluted (Riyal)	0.29	0.25	(13.8 %)

Item	Q2 2020	Q3 2020	Change‬
Net Income from investments and financial activities	1,127.30	1,185.15	5.1 %
Operating Income	1,332.41	1,479.84	11.1 %
Debt Provisions	(192.79)	(231.00)	(19.8 %)
Net Income	572.49	629.25	9.9 %
Average Shares	2,500.00	2,500.00	-
EPS (Riyals)	0.23	0.25	9.9 %
EPS Diluted (Riyal)	0.23	0.25	8.7 %

Balance Sheet (B)

Item	9m 2019	9m 2020	Change‬
Assets	128.01	147.85	15.5 %
Customer Deposits	99.84	111.32	11.5 %
Financing Investments	90.78	105.33	16.0 %

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