Financial Results : Alinma Bank net profit rises 74% to SAR 642 mln in Q1 2021

Alinma Bank net profit rises 74% to SAR 642 mln in Q1 2021

21/04/2021 Argaam Exclusive

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Alinma Bank posted a net profit of SAR 642 million for the first quarter of 2021, a rise of 74%, compared to a net profit of SAR 370 million in prior-year period.

 

The higher net profit was spurred by a 27.7% year-on-year (YoY) increase in total operating income, amid a rise in net financing and investment income held at fair value through income statement (FVIS), fee income, and other operating income.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Net Income from investments and financial activities 1,121.16 1,206.64 7.6 %
Operating Income 1,259.28 1,604.24 27.4 %
Debt Provisions (358.69) (346.77) 3.3 %
Net Income 370.27 641.84 73.3 %
Average Shares 2,500.00 2,500.00 -
EPS (Riyals) 0.15 0.26 73.3 %
EPS Diluted (Riyal) 0.15 0.26 73.3 %

When compared to Q4 2020, net profit increased by 63% from SAR 394 million.

 

Shareholders’ equity, excluding minority interest, rose by 10% to SAR 25.08 billion by the end of Q1 2021, compared to SAR 22.779 billion in the year-ago period.

Balance Sheet (B)

Item 3m 2020 3m 2021 Change‬
Assets 138.02 159.95 15.9 %
Customer Deposits 103.87 120.71 16.2 %
Financing Investments 97.78 117.15 19.8 %


Financial results (Million)

Period Net Income from investments and financial activities Change Operating Income Change Debt Provisions Change
Q1 2012 330.36 50.7 % 393.08 50.2 % (16.88) (743.8 %)
Q2 2012 346.36 24.7 % 484.15 57.6 % (67.41) (1,238.9 %)
Q3 2012 407.10 36.3 % 459.10 38.2 % (44.07) (681.9 %)
Q4 2012 433.31 37.2 % 489.72 0.5 % (26.01) 76.8 %
Q1 2013 443.27 34.2 % 521.71 32.7 % (51.03) (202.4 %)
Q2 2013 456.91 31.9 % 559.13 15.5 % (60.49) 10.3 %
Q3 2013 460.46 13.1 % 542.46 18.2 % (28.31) 35.8 %
Q4 2013 474.20 9.4 % 655.78 33.9 % (134.40) (416.6 %)
Q1 2014 512.62 15.6 % 599.84 15.0 % (24.98) 51.1 %
Q2 2014 501.80 9.8 % 611.44 9.4 % (15.65) 74.1 %
Q3 2014 529.49 15.0 % 687.33 26.7 % (50.65) (78.9 %)
Q4 2014 531.05 12.0 % 721.31 10.0 % (70.40) 47.6 %
Q1 2015 550.00 7.3 % 729.60 21.6 % (70.12) (180.8 %)
Q2 2015 610.46 21.7 % 845.51 38.3 % (78.13) (399.3 %)
Q3 2015 547.52 3.4 % 707.94 3.0 % (10.33) 79.6 %
Q4 2015 570.72 7.5 % 779.70 8.1 % (37.59) 46.6 %
Q1 2016 611.17 11.1 % 734.32 0.6 % (13.03) 81.4 %
Q2 2016 626.79 2.7 % 819.89 (3.0 %) (24.70) 68.4 %
Q3 2016 687.54 25.6 % 828.72 17.1 % (41.43) (301.2 %)
Q4 2016 726.60 27.3 % 944.88 21.2 % (115.99) (208.5 %)
Q1 2017 814.43 33.3 % 1,004.85 36.8 % (124.24) (853.2 %)
Q2 2017 834.22 33.1 % 1,006.70 22.8 % (119.54) (384.0 %)
Q3 2017 877.17 27.6 % 1,062.75 28.2 % (104.65) (152.6 %)
Q4 2017 967.21 33.1 % 1,298.66 37.4 % (210.06) (81.1 %)
Q1 2018 896.28 10.1 % 1,109.76 10.4 % (89.47) 28.0 %
Q2 2018 942.39 13.0 % 1,231.00 22.3 % (162.76) (36.2 %)
Q3 2018 987.21 12.5 % 1,211.70 14.0 % (98.24) 6.1 %
Q4 2018 971.95 0.5 % 1,292.46 (0.5 %) (41.92) 80.0 %
Q1 2019 976.43 8.9 % 1,289.64 16.2 % (65.40) 26.9 %
Q2 2019 1,066.01 13.1 % 1,364.21 10.8 % (141.66) 13.0 %
Q3 2019 1,138.86 15.4 % 1,440.97 18.9 % (108.31) (10.2 %)
Q4 2019 1,141.93 17.5 % 1,515.34 17.2 % (385.11) (818.6 %)
Q1 2020 1,121.16 14.8 % 1,259.28 (2.4 %) (358.69) (448.5 %)
Q2 2020 1,127.30 5.8 % 1,332.41 (2.3 %) (192.79) (36.1 %)
Q3 2020 1,185.15 4.1 % 1,479.84 2.7 % (231.00) (113.3 %)
Q4 2020 1,214.21 6.3 % 1,610.11 6.3 % (636.70) (65.3 %)
Q1 2021 1,206.64 7.6 % 1,604.24 27.4 % (346.77) 3.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 150.48 114.3 % 0.06 - 150.48 0.06
Q2 2012 179.42 75.0 % 0.07 - 179.42 0.07
Q3 2012 195.65 60.0 % 0.08 - 195.65 0.08
Q4 2012 207.61 52.3 % 0.08 - 207.61 0.08
Q1 2013 221.41 47.1 % 0.09 - 221.41 0.09
Q2 2013 241.46 34.6 % 0.10 - 241.46 0.10
Q3 2013 262.03 33.9 % 0.10 - 262.03 0.10
Q4 2013 279.86 34.8 % 0.11 - 279.86 0.11
Q1 2014 292.84 32.3 % 0.12 - 292.84 0.12
Q2 2014 307.66 27.4 % 0.12 - 307.66 0.12
Q3 2014 331.34 26.4 % 0.13 - 331.34 0.13
Q4 2014 332.60 18.8 % 0.13 - 332.60 0.13
Q1 2015 344.11 17.5 % 0.14 - 344.11 0.14
Q2 2015 364.76 18.6 % 0.15 - 364.76 0.15
Q3 2015 375.19 13.2 % 0.15 - 375.19 0.15
Q4 2015 385.92 16.0 % 0.15 - 385.92 0.15
Q1 2016 391.32 13.7 % 0.16 - 391.32 0.16
Q2 2016 409.12 12.2 % 0.16 - 409.12 0.16
Q3 2016 311.61 (16.9 %) 0.12 - 311.61 0.12
Q4 2016 390.22 1.1 % 0.16 - 390.22 0.16
Q1 2017 421.32 7.7 % 0.17 - 421.32 0.17
Q2 2017 488.22 19.3 % 0.20 - 488.22 0.20
Q3 2017 541.76 73.9 % 0.22 - 541.76 0.22
Q4 2017 560.05 43.5 % 0.22 - 560.05 0.22
Q1 2018 567.27 34.6 % 0.23 - 567.27 0.23
Q2 2018 605.79 24.1 % 0.24 - 605.79 0.24
Q3 2018 636.93 17.6 % 0.25 - 636.93 0.25
Q4 2018 1,046.96 86.9 % 0.42 556.58 490.38 0.20
Q1 2019 637.84 12.4 % 0.26 - 637.84 0.26
Q2 2019 675.67 11.5 % 0.27 - 675.67 0.27
Q3 2019 712.78 11.9 % 0.29 - 712.78 0.29
Q4 2019 508.53 (51.4 %) 0.20 - 508.53 0.20
Q1 2020 370.27 (41.9 %) 0.15 - 370.27 0.15
Q2 2020 572.49 (15.3 %) 0.23 - 572.49 0.23
Q3 2020 629.25 (11.7 %) 0.25 - 629.25 0.25
Q4 2020 393.99 (22.5 %) 0.16 - 393.99 0.16
Q1 2021 641.84 73.3 % 0.26 - 641.84 0.26

Profitability

Period Return On Average Assets Return on Average Equity Net Profit/Investment Income & Other Financing Operations
Q1 2012 1.47 % 3.24 % 39.27 %
Q2 2012 1.54 % 3.69 % 42.61 %
Q3 2012 1.58 % 4.11 % 43.96 %
Q4 2012 1.61 % 4.50 % 44.83 %
Q1 2013 1.67 % 4.88 % 45.54 %
Q2 2013 1.70 % 5.19 % 45.78 %
Q3 2013 1.71 % 5.51 % 47.66 %
Q4 2013 1.72 % 6.00 % 49.72 %
Q1 2014 1.77 % 6.32 % 51.32 %
Q2 2014 1.78 % 6.61 % 53.15 %
Q3 2014 1.80 % 6.88 % 54.49 %
Q4 2014 1.76 % 7.27 % 55.32 %
Q1 2015 1.76 % 7.60 % 56.31 %
Q2 2015 1.80 % 7.76 % 55.92 %
Q3 2015 1.79 % 7.86 % 57.08 %
Q4 2015 1.73 % 8.10 % 57.71 %
Q1 2016 1.73 % 8.57 % 56.87 %
Q2 2016 1.73 % 8.60 % 55.56 %
Q3 2016 1.62 % 8.11 % 48.01 %
Q4 2016 1.55 % 8.01 % 43.10 %
Q1 2017 1.56 % 8.17 % 40.73 %
Q2 2017 1.54 % 8.55 % 40.59 %
Q3 2017 1.72 % 9.55 % 44.75 %
Q4 2017 1.83 % 10.18 % 47.27 %
Q1 2018 1.97 % 10.85 % 49.48 %
Q2 2018 2.00 % 11.70 % 50.27 %
Q3 2018 2.05 % 11.83 % 49.86 %
Q4 2018 2.42 % 13.72 % 58.38 %
Q1 2019 2.48 % 14.41 % 57.73 %
Q2 2019 2.50 % 14.71 % 57.09 %
Q3 2019 2.48 % 14.58 % 56.87 %
Q4 2019 2.00 % 11.59 % 45.78 %
Q1 2020 1.75 % 10.49 % 40.18 %
Q2 2020 1.63 % 9.71 % 38.51 %
Q3 2020 1.51 % 9.05 % 37.61 %
Q4 2020 1.36 % 8.39 % 35.94 %
Q1 2021 1.50 % 9.35 % 41.24 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Financing Investments Change
Q1 2012 39.87 34.7 % 21.33 88.5 % 27.61 35.5 %
Q2 2012 44.19 36.6 % 25.96 96.2 % 30.03 33.5 %
Q3 2012 49.85 47.3 % 28.57 80.2 % 35.00 45.4 %
Q4 2012 54.01 46.8 % 32.21 81.2 % 37.19 47.2 %
Q1 2013 56.24 41.0 % 34.36 61.1 % 39.42 42.8 %
Q2 2013 57.94 31.1 % 36.47 40.4 % 41.57 38.4 %
Q3 2013 59.14 18.6 % 37.62 31.7 % 41.91 19.8 %
Q4 2013 63.00 16.6 % 42.76 32.7 % 44.92 20.8 %
Q1 2014 65.44 16.4 % 45.14 31.4 % 45.81 16.2 %
Q2 2014 70.60 21.8 % 48.98 34.3 % 49.01 17.9 %
Q3 2014 75.46 27.6 % 53.39 41.9 % 50.22 19.8 %
Q4 2014 80.86 28.3 % 59.43 39.0 % 53.64 19.4 %
Q1 2015 83.69 27.9 % 61.56 36.4 % 55.01 20.1 %
Q2 2015 81.84 15.9 % 60.59 23.7 % 53.39 8.9 %
Q3 2015 82.39 9.2 % 60.38 13.1 % 53.47 6.5 %
Q4 2015 88.72 9.7 % 65.69 10.5 % 57.01 6.3 %
Q1 2016 91.61 9.5 % 68.79 11.7 % 60.25 9.5 %
Q2 2016 98.19 20.0 % 74.17 22.4 % 66.49 24.5 %
Q3 2016 102.94 24.9 % 77.32 28.1 % 69.27 29.6 %
Q4 2016 104.73 18.0 % 80.61 22.7 % 70.31 23.3 %
Q1 2017 105.08 14.7 % 81.45 18.4 % 73.54 22.1 %
Q2 2017 111.18 13.2 % 85.78 15.7 % 76.96 15.8 %
Q3 2017 111.12 8.0 % 87.23 12.8 % 77.81 12.3 %
Q4 2017 114.75 9.6 % 89.06 10.5 % 79.06 12.4 %
Q1 2018 113.94 8.4 % 89.34 9.7 % 79.01 7.4 %
Q2 2018 116.78 5.0 % 88.94 3.7 % 82.13 6.7 %
Q3 2018 120.21 8.2 % 89.87 3.0 % 83.17 6.9 %
Q4 2018 121.54 5.9 % 90.13 1.2 % 83.89 6.1 %
Q1 2019 121.79 6.9 % 92.26 3.3 % 85.88 8.7 %
Q2 2019 123.48 5.7 % 92.82 4.4 % 87.67 6.7 %
Q3 2019 128.01 6.5 % 99.84 11.1 % 90.78 9.2 %
Q4 2019 131.84 8.5 % 102.06 13.2 % 94.80 13.0 %
Q1 2020 138.02 13.3 % 103.87 12.6 % 97.78 13.9 %
Q2 2020 142.20 15.2 % 107.42 15.7 % 103.18 17.7 %
Q3 2020 147.85 15.5 % 111.32 11.5 % 105.33 16.0 %
Q4 2020 156.88 19.0 % 119.45 17.0 % 111.20 17.3 %
Q1 2021 159.95 15.9 % 120.71 16.2 % 117.15 19.8 %

Ratios

Period Customer Deposits Per Total Assets Financing Investments/Customer Deposits Financing Investments/Total Assets
Q1 2012 53.49 % 129.43 % 69.24 %
Q2 2012 58.75 % 115.68 % 67.96 %
Q3 2012 57.31 % 122.51 % 70.21 %
Q4 2012 59.64 % 115.44 % 68.85 %
Q1 2013 61.10 % 114.72 % 70.09 %
Q2 2013 62.94 % 113.99 % 71.74 %
Q3 2013 63.61 % 111.41 % 70.87 %
Q4 2013 67.88 % 105.05 % 71.31 %
Q1 2014 68.97 % 101.49 % 70.00 %
Q2 2014 69.37 % 100.07 % 69.42 %
Q3 2014 70.75 % 94.07 % 66.55 %
Q4 2014 73.49 % 90.26 % 66.33 %
Q1 2015 73.56 % 89.37 % 65.74 %
Q2 2015 74.03 % 88.11 % 65.23 %
Q3 2015 73.28 % 88.56 % 64.90 %
Q4 2015 74.04 % 86.77 % 64.25 %
Q1 2016 75.08 % 87.59 % 65.77 %
Q2 2016 75.54 % 89.65 % 67.72 %
Q3 2016 75.11 % 89.60 % 67.30 %
Q4 2016 76.97 % 87.22 % 67.14 %
Q1 2017 77.51 % 90.30 % 69.99 %
Q2 2017 77.16 % 89.72 % 69.22 %
Q3 2017 78.50 % 89.20 % 70.02 %
Q4 2017 77.62 % 88.77 % 68.90 %
Q1 2018 78.41 % 88.44 % 69.34 %
Q2 2018 76.16 % 92.34 % 70.33 %
Q3 2018 74.76 % 92.55 % 69.19 %
Q4 2018 74.16 % 93.08 % 69.02 %
Q1 2019 75.75 % 93.08 % 70.51 %
Q2 2019 75.17 % 94.45 % 71.00 %
Q3 2019 77.99 % 90.93 % 70.92 %
Q4 2019 77.41 % 92.89 % 71.91 %
Q1 2020 75.26 % 94.14 % 70.85 %
Q2 2020 75.54 % 96.05 % 72.56 %
Q3 2020 75.29 % 94.62 % 71.24 %
Q4 2020 76.15 % 93.09 % 70.88 %
Q1 2021 75.46 % 97.05 % 73.24 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2012 2,500.00 0.20 0.20 - 6.43
Q2 2012 2,500.00 0.24 0.24 - 6.49
Q3 2012 2,500.00 0.26 0.26 - 6.58
Q4 2012 2,500.00 0.29 0.29 - 6.67
Q1 2013 2,500.00 0.32 0.32 - 6.76
Q2 2013 2,500.00 0.35 0.35 - 6.85
Q3 2013 2,500.00 0.37 0.37 - 6.97
Q4 2013 2,500.00 0.40 0.40 - 6.73
Q1 2014 2,500.00 0.43 0.43 - 6.86
Q2 2014 2,500.00 0.46 0.46 - 6.98
Q3 2014 2,500.00 0.48 0.48 - 7.12
Q4 2014 2,500.00 0.51 0.51 - 7.18
Q1 2015 2,500.00 0.53 0.53 - 6.98
Q2 2015 2,500.00 0.55 0.55 - 7.16
Q3 2015 2,500.00 0.57 0.57 - 7.29
Q4 2015 2,500.00 0.59 0.59 - 7.34
Q1 2016 2,500.00 0.61 0.61 - 7.18
Q2 2016 2,500.00 0.62 0.62 - 7.36
Q3 2016 2,500.00 0.60 0.60 - 7.49
Q4 2016 2,500.00 0.60 0.60 - 7.67
Q1 2017 2,500.00 0.61 0.61 - 7.83
Q2 2017 2,500.00 0.64 0.64 - 7.71
Q3 2017 2,500.00 0.74 0.74 - 7.94
Q4 2017 2,500.00 0.80 0.80 - 8.14
Q1 2018 2,500.00 0.86 0.86 - 8.07
Q2 2018 2,500.00 0.91 0.91 - 7.84
Q3 2018 2,500.00 0.95 0.95 - 8.08
Q4 2018 2,500.00 1.14 0.92 - 8.52
Q1 2019 2,500.00 1.17 0.95 - 8.18
Q2 2019 2,500.00 1.20 0.98 - 8.47
Q3 2019 2,500.00 1.23 1.01 - 8.77
Q4 2019 2,500.00 1.01 1.01 1.02 8.98
Q1 2020 2,500.00 0.91 0.91 0.91 9.11
Q2 2020 2,500.00 0.87 0.87 0.87 9.35
Q3 2020 2,500.00 0.83 0.83 0.83 9.62
Q4 2020 2,500.00 0.79 0.79 0.79 9.77
Q1 2021 2,500.00 0.90 0.90 0.90 10.03

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 45.74 45.74 1.46
Q2 2012 31.22 31.22 1.13
Q3 2012 29.35 29.35 1.18
Q4 2012 26.29 26.29 1.16
Q1 2013 24.62 24.62 1.17
Q2 2013 23.64 23.64 1.20
Q3 2013 22.60 22.60 1.21
Q4 2013 22.24 22.24 1.33
Q1 2014 25.99 25.99 1.63
Q2 2014 23.91 23.91 1.56
Q3 2014 30.40 30.40 2.07
Q4 2014 24.19 24.19 1.70
Q1 2015 25.14 25.14 1.89
Q2 2015 24.67 24.67 1.89
Q3 2015 17.83 17.83 1.39
Q4 2015 15.07 15.07 1.21
Q1 2016 12.67 12.67 1.07
Q2 2016 12.55 12.55 1.07
Q3 2016 11.40 11.40 0.91
Q4 2016 15.05 15.05 1.18
Q1 2017 14.70 14.70 1.15
Q2 2017 14.18 14.18 1.18
Q3 2017 14.23 14.23 1.32
Q4 2017 14.27 14.27 1.41
Q1 2018 14.32 14.32 1.53
Q2 2018 14.12 14.12 1.64
Q3 2018 13.62 13.62 1.60
Q4 2018 12.07 14.98 1.62
Q1 2019 12.43 15.35 1.78
Q2 2019 12.31 15.12 1.74
Q3 2019 10.97 13.40 1.54
Q4 2019 14.91 14.91 1.69
Q1 2020 13.71 13.71 1.37
Q2 2020 13.37 13.37 1.24
Q3 2020 15.75 15.75 1.36
Q4 2020 16.38 16.38 1.32
Q1 2021 16.36 16.36 1.47

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Investment Banking and Brokerage Others
Q1 2012 85.88 162.19 81.98 6.30 56.74
Q2 2012 99.58 254.50 65.85 8.44 55.78
Q3 2012 109.11 205.78 77.24 8.21 58.77
Q4 2012 159.16 355.93 130.58 15.34 (171.28)
Q1 2013 145.56 267.62 103.74 4.79 -
Q2 2013 159.00 269.96 112.21 17.96 -
Q3 2013 163.71 265.82 102.78 10.15 -
Q4 2013 163.15 321.84 162.65 8.14 -
Q1 2014 186.32 270.65 133.18 9.69 -
Q2 2014 211.90 266.07 107.79 25.61 -
Q3 2014 217.99 326.18 116.88 26.28 -
Q4 2014 224.12 332.08 137.48 27.63 -
Q1 2015 247.68 326.48 123.74 31.70 -
Q2 2015 264.91 380.71 163.50 36.38 -
Q3 2015 266.23 333.07 78.56 30.08 -
Q4 2015 262.89 394.75 87.07 35.00 -
Q1 2016 271.68 317.10 105.45 40.10 -
Q2 2016 279.19 357.18 139.50 44.01 -
Q3 2016 296.86 369.34 121.78 40.73 -
Q4 2016 287.93 396.96 199.08 60.90 -
Q1 2017 381.21 424.83 147.59 51.22 -
Q2 2017 388.98 400.06 170.34 47.33 -
Q3 2017 419.81 416.05 180.54 46.35 -
Q4 2017 431.88 459.06 218.35 189.37 -
Q1 2018 451.77 384.81 205.15 68.03 -
Q2 2018 462.86 444.90 222.57 100.68 -
Q3 2018 502.29 452.86 146.49 110.06 -
Q4 2018 482.34 298.75 439.46 71.90 -
Q1 2019 591.63 437.92 174.13 85.95 -
Q2 2019 613.57 412.84 258.85 78.95 -
Q3 2019 636.28 478.53 241.64 84.52 -
Q4 2019 625.88 470.10 292.43 126.94 -
Q1 2020 704.81 422.91 32.69 107.63 -
Q2 2020 575.08 407.84 218.76 121.98 -
Q3 2020 609.10 531.29 199.35 140.09 -
Q4 2020 737.85 505.40 203.40 163.46 -
Q1 2021 676.62 504.98 243.84 180.82 -

Analysts Estimates (Million)

Item Q1 2021 (e) Q1 2021 (a) Change‬
Average 500.72 641.84 28.18 %

Estimates vs Actual (Million)

Item Q1 2021 (e) Q1 2021 (a) Change
OSOOL AND BAKHEET 570.90 641.84 12.4 %
AlJazira Capital 512.70 641.84 25.2 %
SNB Capital 512.00 641.84 25.4 %
FAB Securities 466.00 641.84 37.7 %
Riyad Capital 442.00 641.84 45.2 %


Financial Ratios
Current
Market Cap (M) 69,125.00
Shares Outstanding ((M)) 2,500.00
EPS ( Riyal) (TTM) 2.25
EPS Diluted ( Riyal) (TTM) 2.13
Book Value (BV) ( Riyal) 12.96
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 12.29
P/E (TTM) 12.29
Price/book 2.13
Return on Average Assets (%) (TTM) 2.3
Return on Average Equity (%) (TTM) 18.5
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Share Price

Alinma Bank
27.65
0.20 0.73 %

Alinma Bank (ALINMA)

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