Riyadh – Mubasher: Alinma Bank achieved a net profit of SAR 370 million during the first quarter (Q1) of 2020, registering a 42% decline compared with a SAR 638 million profit recorded in the corresponding period of the previous year.
The bank’s net income from special commissions, financing, and investments increased by 14.86% to SAR 1.121 billion, up from SAR 976 million in the year-ago period, while revenues increased by 8% to SAR 1.39 billion.
The decline in the quarterly net profit resulted from higher operating expenses, increasing by 48%, mainly due to the higher impairment charges compared to the similar quarter last year, and the revaluation loss on investments, according to the bank’s statement to the Saudi Stock Exchange (Tadawul).
The bank reported an 11.27% decline in annual profits last year to around SAR 2.54 billion.
