Alinma Bank will likely report strong figures in Q4 2018, CEO Abdul Mohsen Al Fares told CNBC Arabia, attributing the bank's profit increase in Q3 to the growth of financing as well as investment portfolios.
Al Fares also cited the economic growth in the Kingdom, the announcement of the preliminary budget estimates for 2019 as well as the giant construction projects in line with Saudi Vision 2030.
"Q3 financial results reflected the bank's robust performance over the previous quarters," Al Fares said, adding that the bank recorded better figures in 2018.
Cost of financing is very low in the Saudi banks, Al Fares noted, indicating that increasing cost of financing will reflect positively on Alinma's portfolios.
Alinma has posted net profit of SAR 653 million in Q3 2018, up by 20 percent year-on-year (YoY), according to data available on Argaam.
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