Alinma Bank Reports Earnings Results for the Three Months Ended March 31, 2018
April 25, 2018
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Alinma Bank reported earnings results for the three months ended March 31, 2018. Gross financing and investment income for the three month period ended March 31, 2018 was SAR 1,113 million as compared to SAR 1,008 million in corresponding period of last year, an increase of 10%. Total comprehensive income for the three months period ended March 31, 2018 was SAR 572 million as compared to SAR 455 million for same quarter last year and SAR 528 million for previous quarter, an increase of 26% and 8% respectively. Net profit was SAR 582 million against SAR 421 million a year ago. Earnings per share were SAR 0.39 against SAR 0.28 a year ago. Net income increased due to the increase of total operating income by 10%, mainly due to the increase in income from Financing and investments in addition to increase in fee from banking services, dividends and exchange income. On the other hand, the total operating expenses decreased by 8% mainly due to decrease in provisions for impairment of financing & investments and depreciation, while general and administrative expenses increased.
Alinma Bank SJSC is a Saudi Arabia-based bank, which provides banking services. The Company operates in following segments: Retail banking, which provides financing, deposit and other products, services for individuals; Corporate banking, which includes financing, deposit and other products and services for corporate, Small and medium-sized enterprises (SME) and institutional customers; Treasury, which includes murabahas with banks, investments, and treasury services; Investment and brokerage, which includes asset management, custodianship, advisory, underwriting and brokerage services. The Bank provides a full range of banking and investment services through products and instruments that are in accordance with Shariaâa, its by-Laws. The Companyâs subsidiaries include Alinma Investment Company, Al-Tanweer Real Estate Company, Saudi Fintech Company, Esnad Company, and Alinma SPV Ltd, among others.