Alinma Bank’s Q1 net profit up 38% as operating income rises

26/04/2018 Argaam Exclusive

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Alinma Bank
31.95
0.25 0.79 %

Alinma Bank (ALINMA)

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Alinma Bank posted a net profit of SAR 582 million for the first quarter of 2018, a 38.2 percent year-on-year (YoY) increase, which was attributed to a rise in operating income due to higher investment returns. Also, gross operating expenses fell 8 percent during the same period, on lower provisions.

Compared to the previous quarter, the Q1 net profit rose nearly 4 percent due to lower provisions and a decrease in general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q1 2017 Q1 2018 Change‬
Net Income from investments and financial activities 814.43 896.28 10.1 %
Operating Income 1,004.85 1,109.76 10.4 %
Debt Provisions (124.24) (89.47) 28.0 %
Net Income 421.32 567.27 34.6 %
Average Shares 2,500.00 2,500.00 -
EPS (Riyals) 0.17 0.23 34.6 %

Balance Sheet (B)

Item 3m 2017 3m 2018 Change‬
Assets 105.08 113.94 8.4 %
Customer Deposits 81.45 89.34 9.7 %
Financing Investments 73.54 79.01 7.4 %


Financial results (Million)

Period Net Income from investments and financial activities Change Operating Income Change Debt Provisions Change Net Income Change EPS(Riyal)
Q1 2009 177.96 - 178.21 - - - 109.38 - 0.04
Q2 2009 152.81 - 153.56 - - - 67.92 - 0.03
Q3 2009 144.07 - 145.22 - - - 38.65 - 0.02
Q4 2009 470.66 - 476.99 - - - 395.57 - 0.16
Q1 2010 67.26 (62.2 %) 82.36 (53.8 %) - - (75.09) (168.7 %) (0.03)
Q2 2010 161.61 5.8 % 174.26 13.5 % - - 3.30 (95.1 %) 0.00
Q3 2010 187.50 30.1 % 191.04 31.6 % - - 20.21 (47.7 %) 0.01
Q4 2010 108.77 (76.9 %) 214.57 (55.0 %) (3.00) - 66.80 (83.1 %) 0.03
Q1 2011 219.18 225.9 % 261.71 217.8 % (2.00) - 70.23 193.5 % 0.03
Q2 2011 277.87 71.9 % 307.25 76.3 % (5.04) - 102.50 3007.9 % 0.04
Q3 2011 298.60 59.3 % 332.25 73.9 % (5.64) - 122.30 505.1 % 0.05
Q4 2011 315.91 190.4 % 487.05 127.0 % (112.06) (3,635.4 %) 136.30 104.1 % 0.05
Q1 2012 330.36 50.7 % 393.08 50.2 % (16.88) (743.8 %) 150.48 114.3 % 0.06
Q2 2012 346.36 24.7 % 484.15 57.6 % (67.41) (1,238.9 %) 179.42 75.0 % 0.07
Q3 2012 407.10 36.3 % 459.10 38.2 % (44.07) (681.9 %) 195.65 60.0 % 0.08
Q4 2012 433.31 37.2 % 489.72 0.5 % (26.01) 76.8 % 207.61 52.3 % 0.08
Q1 2013 443.27 34.2 % 521.71 32.7 % (51.03) (202.4 %) 221.41 47.1 % 0.09
Q2 2013 456.91 31.9 % 559.13 15.5 % (60.49) 10.3 % 241.46 34.6 % 0.10
Q3 2013 460.46 13.1 % 542.46 18.2 % (28.31) 35.8 % 262.03 33.9 % 0.10
Q4 2013 474.20 9.4 % 655.78 33.9 % (134.40) (416.6 %) 279.86 34.8 % 0.11
Q1 2014 512.62 15.6 % 599.84 15.0 % (24.98) 51.1 % 292.84 32.3 % 0.12
Q2 2014 501.80 9.8 % 611.44 9.4 % (15.65) 74.1 % 307.66 27.4 % 0.12
Q3 2014 529.49 15.0 % 687.33 26.7 % (50.65) (78.9 %) 331.34 26.4 % 0.13
Q4 2014 531.05 12.0 % 721.31 10.0 % (70.40) 47.6 % 332.60 18.8 % 0.13
Q1 2015 550.00 7.3 % 729.60 21.6 % (70.12) (180.8 %) 344.11 17.5 % 0.14
Q2 2015 610.46 21.7 % 845.51 38.3 % (78.13) (399.3 %) 364.76 18.6 % 0.15
Q3 2015 547.52 3.4 % 707.94 3.0 % (10.33) 79.6 % 375.19 13.2 % 0.15
Q4 2015 570.72 7.5 % 779.70 8.1 % (37.59) 46.6 % 385.92 16.0 % 0.15
Q1 2016 611.17 11.1 % 734.32 0.6 % (13.03) 81.4 % 391.32 13.7 % 0.16
Q2 2016 626.79 2.7 % 819.89 (3.0 %) (24.70) 68.4 % 409.12 12.2 % 0.16
Q3 2016 687.54 25.6 % 828.72 17.1 % (41.43) (301.2 %) 311.61 (16.9 %) 0.12
Q4 2016 726.60 27.3 % 944.88 21.2 % (115.99) (208.5 %) 390.22 1.1 % 0.16
Q1 2017 814.43 33.3 % 1,004.85 36.8 % (124.24) (853.2 %) 421.32 7.7 % 0.17
Q2 2017 834.22 33.1 % 1,006.70 22.8 % (119.54) (384.0 %) 488.22 19.3 % 0.20
Q3 2017 877.17 27.6 % 1,062.75 28.2 % (104.65) (152.6 %) 541.76 73.9 % 0.22
Q4 2017 967.21 33.1 % 1,298.66 37.4 % (210.06) (81.1 %) 560.05 43.5 % 0.22
Q1 2018 896.28 10.1 % 1,109.76 10.4 % (89.47) 28.0 % 567.27 34.6 % 0.23

Profitability

Period Return On Average Assets Return on Average Equity Net Profit/Investment Income & Other Financing Operations
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - 64.42 %
Q1 2010 2.44 % 2.75 % 50.85 %
Q2 2010 1.74 % 2.33 % 42.49 %
Q3 2010 1.71 % 2.21 % 38.01 %
Q4 2010 0.07 % 0.10 % 2.74 %
Q1 2011 0.66 % 1.03 % 22.24 %
Q2 2011 0.91 % 1.67 % 30.56 %
Q3 2011 1.26 % 2.31 % 37.34 %
Q4 2011 1.36 % 2.74 % 36.42 %
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 %

Balance Sheet (B)

Period Assets Change Customer Deposits Change Financing Investments Change
Q1 2009 16.19 - 0.58 - 0.30 -
Q2 2009 16.61 - 0.54 - 0.42 -
Q3 2009 16.53 - 0.78 - 0.73 -
Q4 2009 17.31 - 1.50 - 1.11 -
Q1 2010 18.83 16.3 % 2.98 411.2 % 3.60 1095.0 %
Q2 2010 24.95 50.2 % 6.41 1091.6 % 8.43 1927.1 %
Q3 2010 23.77 43.8 % 6.79 767.2 % 13.75 1783.1 %
Q4 2010 26.67 54.1 % 8.32 455.3 % 15.59 1302.5 %
Q1 2011 29.61 57.2 % 11.31 280.3 % 20.38 466.6 %
Q2 2011 32.35 29.7 % 13.23 106.4 % 22.50 167.1 %
Q3 2011 33.85 42.4 % 15.85 133.6 % 24.06 74.9 %
Q4 2011 36.78 37.9 % 17.78 113.8 % 25.26 62.0 %
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 %

Ratios

Period Customer Deposits Per Total Assets Financing Investments/Customer Deposits Financing Investments/Total Assets
Q1 2009 3.60 % 51.70 % 1.86 %
Q2 2009 3.24 % 77.28 % 2.50 %
Q3 2009 4.73 % 93.34 % 4.42 %
Q4 2009 8.65 % 74.25 % 6.42 %
Q1 2010 15.80 % 120.88 % 19.10 %
Q2 2010 25.69 % 131.46 % 33.77 %
Q3 2010 28.55 % 202.67 % 57.86 %
Q4 2010 31.18 % 187.51 % 58.47 %
Q1 2011 38.21 % 180.11 % 68.82 %
Q2 2011 40.91 % 170.06 % 69.57 %
Q3 2011 46.83 % 151.82 % 71.09 %
Q4 2011 48.33 % 142.09 % 68.67 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) EPS Diluted (Riyal) Book Value (BV)
Q1 2009 2,500.00 - - - 6.20
Q2 2009 2,500.00 - - - 6.22
Q3 2009 2,500.00 - - - 6.24
Q4 2009 2,500.00 0.24 0.24 - 6.24
Q1 2010 2,500.00 0.17 0.17 - 6.21
Q2 2010 2,500.00 0.14 0.14 - 6.21
Q3 2010 2,500.00 0.14 0.14 - 6.22
Q4 2010 2,500.00 0.01 0.01 - 6.25
Q1 2011 2,500.00 0.06 0.06 - 6.22
Q2 2011 2,500.00 0.10 0.10 - 6.26
Q3 2011 2,500.00 0.14 0.14 - 6.30
Q4 2011 2,500.00 0.17 0.17 - 6.36
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 - - 1.02
Q2 2009 - - 1.27
Q3 2009 - - 1.29
Q4 2009 31.15 31.15 1.22
Q1 2010 45.31 45.31 1.25
Q2 2010 44.91 44.91 1.05
Q3 2010 47.97 47.97 1.06
Q4 2010 More than 50 More than 50 1.01
Q1 2011 More than 50 More than 50 0.95
Q2 2011 More than 50 More than 50 0.95
Q3 2011 38.35 38.35 0.88
Q4 2011 32.52 32.52 0.88
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

Business Segments (Million)

Compared With The
Period Retail Corporate and Institutional Banking Global markets and Treasury Investment Banking and Brokerage Others..
Q1 2009 - 1.62 78.68 - 97.92
Q2 2009 0.28 2.06 52.48 - 98.74
Q3 2009 1.34 12.20 10.83 - 120.85
Q4 2009 2.36 75.24 265.12 - 134.28
Q1 2010 5.35 30.44 12.81 0.17 33.59
Q2 2010 13.64 108.23 28.30 0.33 23.77
Q3 2010 12.97 93.34 60.71 0.60 23.42
Q4 2010 21.67 100.90 67.58 1.17 23.24
Q1 2011 48.00 105.04 50.02 3.38 55.28
Q2 2011 66.60 140.07 42.92 3.42 54.23
Q3 2011 75.31 143.91 53.83 3.05 56.16
Q4 2011 110.96 416.19 120.17 5.41 (165.67)
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 -

Analysts Estimates (Million)

Item Q1 2018 (e) Q1 2018 (a) Change‬
Average 554.22 567.27 2.35 %

Estimates vs Actual (Million)

Item Q1 2018 (e) Q1 2018 (a) Change
SNB Capital 559.00 567.27 1.5 %
Riyad Capital 544.00 567.27 4.3 %
OSOOL AND BAKHEET 596.60 567.27 (4.9) %
Albilad Capital 602.00 567.27 (5.8) %
AlJazira Capital 521.70 567.27 8.7 %
Sico 502.00 567.27 13.0 %


Financial Ratios
Current
Market Cap (M) 79,875.00
Shares Outstanding ((M)) 2,500.00
EPS ( Riyal) (TTM) 2.07
EPS Diluted ( Riyal) (TTM) 2.01
Book Value (BV) ( Riyal) 12.24
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.41
P/E (TTM) 15.41
Price/book 2.61
Return on Average Assets (%) (TTM) 2.3
Return on Average Equity (%) (TTM) 17.6
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