Riyadh – Mubasher: Net profits reported by Alinma Bank for the first quarter of 2015 neared estimates of SAR 353.7 million, said Alistithmar Capital.

Alinma Bank posted a 17% rise in Q1 net profits to SAR 344 million, compared with SAR 293 million in the same period a year earlier.

The profit growth was backed by growth in operating income, the bank said in a statement Thursday.

The research firm placed a “Neutral” recommendation on the stock, setting its target price at SAR 23 per share.