Alinma Bank’s net profit falls 11% to SAR 2.5 bln in FY2019

02/02/2020 Argaam Exclusive

Alinma Bank reported a net profit of SAR 2.53 billion for the fiscal year of 2019, down 11.27% year-on-year (YoY), compared to SAR 2.85 billion in the same period last year.



Financials (M)

Item 2018 2019 Change‬
Net Income from investments and financial activities 3,797.83 4,323.22 13.8 %
Operating Income 4,844.92 5,610.16 15.8 %
Total Provisions (392.80) (700.48) (78.3 %)
Net Income 2,856.95 2,534.81 (11.3 %)
Average Shares 2,500.00 2,500.00 -
EPS (Riyals) 1.14 1.01 (11.3 %)

The decline in the profit was a result of the restating of 2018 net profit through the addition of SAR 556 million to reflect the impact of the settlement agreement between the bank and the General Authority for Zakat and Income, settling claims for the previous years up to 2017.

 

Total revenue rose 14.6% YoY to SAR 5.6 billion, while total operating expenses increased by 20% as a result of higher provision, salaries, and general and administrative expenses.

 

In Q4 2019, net profit fell 51% YoY to SAR 509 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Net Income from investments and financial activities 971.95 1,141.93 17.5 %
Operating Income 1,292.46 1,515.34 17.2 %
Debt Provisions (41.92) (385.11) (818.6 %)
Net Income 1,046.96 508.53 (51.4 %)
Average Shares 2,500.00 2,500.00 -
EPS (Riyals) 0.42 0.20 (51.4 %)

Balance Sheet (B)

Item 2018 2019 Change‬
Assets 121.54 131.84 8.5 %
Customer Deposits 90.13 102.06 13.2 %
Financing Investments 83.89 94.80 13.0 %

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