Wednesday 26, April 2017 by Nabilah Annuar

Alinma Bank’s records 7.67 per cent increase in net profit for the first quarter

Alinma Bank has announced its interim results for the first quarter of 2017.

The bank reported a net profit of SAR 421 million representing a 7.67 per cent increase from SAR 391 million net profit earned in the corresponding quarter last year. This was also an increase from the SAR 390 million recorded during the fourth quarter of 2016.

 

Compared to the same quarter last year, net income increased due to the increase of total operating income by 37 per cent, mainly due to the increase in income from Financing and investments in addition to gain from equity investments and exchange income, while the dividend income decreased. On the other hand, the total operating expenses increased by 70 per cent mainly due to increase in provisions for impairment of financing & investments, depreciation, general, administrative and salaries related expenses.

 

Net income increased from the previous quarter due to the increase of total operating income by 6 per cent, mainly due to the increase in income from financing and investments while dividends and gain from equity investments decreased. On the other hand, the total operating expenses increased by 5 per cent mainly due to increase in provisions for impairment of financing & investments as well as the depreciation, general, administrative and salaries related expenses.

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