Riyadh – Mubasher: Saudi Arabia-based Alinma Bank on Thursday reported a 38.24% year-on-year jump in its net profits for the first quarter of 2018, compared to the year-ago period.

The bank’s net profits stood at SAR 582 million in the three-month period ended March 2018, up from SAR 421 million in Q1-17, according to a bourse filing.

Alinma Bank attributed the growth in its first-quarter profits to a rise in income from financing and investments, in addition to a hike in fees from banking services, dividends, and exchange income.

“On the other hand, the total operating expenses decreased by 8% mainly due to a decrease in provisions for impairment of financing and investments and depreciation, while general and administrative expenses increased,” the statement added.

Total income which was generated from financing and investment amounted to SAR 1.11 billion for Q1-18, compared to SAR 1.01 billion in the same period in a year earlier.

Alinma Bank’s stock inched down 0.05% to close Wednesday at SAR 20.91.