Riyadh – Mubasher: Alinma Bank on Thursday reported a 20.4% year-on-year profit increase in the third quarter of 2018, logging SAR 653 million ($174.02 million), from SAR 542 million ($144.44 million).

Quarter-on-quarter, the Saudi lender’s profits rose 5.1% during the three-month period ended September, from SAR 621 million, Alinma Bank said in a filing to the Saudi Stock Exchange (Tadawul).  

Net income for special commissions and investments levelled up 12.5% to SAR 987 million in Q3-18, from SAR 877 million during Q3-17.

The bank generated a 21.4% increase in revenues for special commissions and investments, reaching SAR 1.29 billion from July to September, compared to SAR 1.06 billion in the period last year.

During the first nine months of 2018, Alinma Bank’s profits surged 28% to SAR 1.85 billion, from SAR 1.45 billion in the corresponding period a year earlier.

The Saudi lender’s net income for special commissions and investment went up 11.8% to SAR 2.8 billion from January to September, compared to SAR 2.5 billion in the year-ago period.

Revenues for special commissions and investments jumped 16% to SAR 3.5 billion by the end of the nine-month period of this year, from SAR 3.09 billion in the same months of 2017.

Alinma Bank attributed the nine-month profit growth to a 16% rise in total operating income, according to the filing.

By 10:35 am Saudi time, Alinma Bank’s stock increased 1.35% to SAR 20.98.